TurnStay Secures $2 Million to Revolutionize African Travel Payments
South African travel technology startup, TurnStay, has successfully secured $2 million in seed funding. This significant investment will propel the company’s expansion across the African continent. The funding round was spearheaded by First Circle Capital, with additional contributions from TLCom Capital, Enza Capital, Incisive Ventures, CVVC, and Equitable Ventures. TurnStay, founded by Alon Stern, formerly of Prodigy Finance, and James Hedley, who co-founded Quicket (later acquired by Ticketmaster), is tackling critical payment challenges hindering the African travel sector.
Streamlining Payments for African Travel Businesses
TurnStay’s core mission is to address the inefficiencies and costs associated with international payments within the African travel industry. The platform tackles issues like high transaction fees, failed cross-border payments, and delays in fund settlement. By processing card payments in the traveler’s home country and settling funds locally using stablecoins, TurnStay dramatically reduces payment fees, potentially by as much as 70%. According to CEO Alon Stern, this funding marks a pivotal moment for making global payment infrastructure accessible to African travel businesses. The company has already processed over R250 million in transactions and established key partnerships since its pre-seed round, underscoring its early success and strong market traction within the African travel landscape.
Keywords
Related Keywords: TurnStay, South African startup, Africa expansion, 2 million funding, TechMoran, investment, tech funding, African tech, hospitality tech, travel tech
