WeTravel, the booking and payments platform powering the multi-day travel industry, has launched a new travel business loan program. WeTravel Growth Capital will provide instant funding options to eligible travel businesses.
WeTravel Growth Capital offers a range of financing options from receivables advances to lines of credit, available to any North American travel business that meets the minimum application requirements. With the funding access, travel businesses can pursue new opportunities, expand market reach, invest in critical business infrastructure or grow their operations.
To apply for WeTravel Growth Capital, a travel business—from destination management companies to group organizers to travel agencies—must average $10,000 in monthly revenue, have operated for more than six months, and have a minimum 550 credit score. With no fee, obligation or credit score impact, the application takes 15 minutes. Upon approval, a funding advisor will review loan offers with the successful applicant, capital can be received as soon as 24 hours upon agreement, deposited directly into the applicant’s business account. The terms and conditions of each loan are determined and structured per lender. After a 30-day window, applicants may reapply for additional financing options.
In 2020, less than 10 percent of WeTravel’s users transacted payments from travelers; in the same year, the platform handled millions in refunds and disputes for its users. In 2022, WeTravel’s transactions have grown by more than 300 percent compared to pre-pandemic transactions, and its new users have more than doubled since 2019. More than 65 percent of WeTravel’s users are considered small- to medium-sized businesses.
“We know, from our thousands of users, how access to a loan can vitally change a business, especially after a two-year industry standstill. By offering this solution for travel businesses, we strive to be a small part of what helps these businesses reach their full potential,” said Zaky Prabowo, WeTravel’s chief operations officer and co-founder..
For more details, visit growthcapital.wetravel.com.
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