The investment will fuel TurnStay’s expansion efforts across Africa and solidify its presence in the local market.

TurnStay offers a payment processing solution specifically designed for the African travel and tourism industry.

Their technology aims to address the high costs traditionally associated with processing payments for hotels and travel companies.

“We’re thrilled by the confidence these investors have placed in our business model,” said Alon Stern, co-founder of TurnStay.

Stern, who previously co-founded consumer finance company Slide Financial, explained that TurnStay “creates a localized payment experience, allowing customers to pay in their home currency using familiar methods.”

He added that TurnStay’s solution has demonstrably reduced processing costs for clients by up to 70%, while also minimizing failed transactions.

TurnStay was founded in 2021 by Stern and James Hedley, co-founder of ticketing platform Quicket.

They identified a critical challenge in the African travel sector: the high fees associated with traditional payment processing for travel businesses.

TurnStay claims to significantly reduce these costs through innovative technology and API integration.

This allows travel companies to attract more direct bookings, bypassing the hefty commissions charged by online travel agencies.

This translates to a direct boost in profitability for travel and tourism businesses throughout the continent.

The African travel and tourism industry is a significant market, projected to reach a revenue of $24.42 billion by 2024 and is expected to continue growing steadily in the coming years.

TurnStay’s expansion plans position them to capitalize on this growth by offering a solution that benefits both travel businesses and international tourists.