Sigfox and Amadeus develop asset-tracking solution

FutureIoT | November 28, 2019

IoT service provider Sigfox and travel platform provider Amadeus have entered into a strategic partnership that aims to help efficient asset-tracking at airports and airline facilities. After a year-long collaboration investigating business opportunities within the travel industry, both companies came out with the jointly developed PinPoint, an asset-tracking solution, which will be made available next year. The announcement was made at Sigfox Connect 2019 in Singapore last week.

Spotlight

Whoever said that all the fun stuff has to be reserved for summer? Welcome to MojoTravels, and today we’ll be counting down our picks for the Top Winter Festivals in Europe. For this list, we’ll be looking at some of the most unique and exciting winter festivals across the continent.

Spotlight

Whoever said that all the fun stuff has to be reserved for summer? Welcome to MojoTravels, and today we’ll be counting down our picks for the Top Winter Festivals in Europe. For this list, we’ll be looking at some of the most unique and exciting winter festivals across the continent.

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INDUSTRY OUTLOOK

Holisto to Be Publicly Listed on the Nasdaq

Holisto. | June 15, 2022

On June 13, Holisto Ltd, a leading technology-based online travel booking platform, and Moringa Acquisition Corp, a special purpose acquisition company, announced that they entered a business combination agreement that would get Holisto publicly listed on the Nasdaq. Holisto Ltd’s expected pro forma equity value will be approximately $405 million, thanks to this business combination. Moringa’s non-redeeming public shareholders can receive a pro-rata portion of a bonus pool of up to an additional 1,725,000 shares at transaction close. This would result in a merger consideration of between 1.15 and 1.6 Holisto ordinary shares for each such Moringa Class A ordinary share not redeemed. However, the ratio of merger consideration for non-redeeming shareholders will depend on the number of Moringa shares redeemed. “From the outset we were inspired by the opportunity to disrupt the large, fragmented and complex travel booking market, using advanced big data and AI technologies that enable incremental cost savings and simplicity through the ability to combine offerings from multiple sources, Our combination with Moringa and access to public markets will allow Holisto to continue to aggressively leverage our technology by scaling our platform and infrastructure and expand our customer acquisition and brand awareness.” -Eran Shust, Chief Executive Officer and co-Founder of Holisto. “We are incredibly excited to announce the merger with Holisto. Holisto is innovating with advanced technology solutions in a large, global market which is ripe for transformation for the benefit of the consumer traveler. We look forward to our partnership and opportunity to leverage our expertise as Holisto continues to rapidly scale its business.” -Ilan Levin, Chief Executive Officer and Chairman of Moringa Holisto is a tech-based online travel booking platform. It harnesses the power of advanced AI to make travel more affordable and personalized for customers. Its unique holistic view of hotel rates and plans result from multiple inventory sources, including online travel agencies, wholesalers, global distribution systems, and hotel operators, so that consumers can get the best deals on their bookings.

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TRAVEL TECHNOLOGY

Fraugster boosts chargeback protection for travel merchants post pandemic

Fraugster | August 02, 2022

Fraugster, an AI payment intelligence company, together with Worldline, a global leader in secure payments and trusted transactions, has confidently enabled travel merchants to weather the storm of the Covid-19 pandemic with its Chargeback Protection Solution. The solution eliminates chargeback losses for merchants by taking full liability for fraudulent transactions. At the same time, advanced AI trained on global payment data makes more accurate decisions to boost approval rates. Innovations in machine learning and artificial intelligence (AI) allow merchants to go-live without historical data by leveraging a new deep learning model. With the outbreak of Covid-19, global travel was grounded. This caused mass cancellations and a scramble for refunds, but also created new opportunities for fraudsters to strike overburdened travel operators (hotels, airlines and OTAs), and take advantage of weak points in the system. In addition, there was a surge in so-called "angry chargebacks" where customers claim not to have authorised a transaction, usually in response to being frustrated by a cancellation or booking change. Covid-19 fraud patterns and consumer payment behaviour were significantly different to those pre-pandemic. Similarly, data inconsistencies limited the ability to identify and prevent certain types of fraud attacks like last minute cancellations on short term bookings. Chargeback rates jumped to over 3%, versus a baseline of under 0.5% in normal circumstances. "Iberostar experienced a massive increase in fraud pressure during the pandemic. We were pleased that partners Fraugster and Worldline were able to act so quickly to design a new AI model specifically for us. In a few short months we reduced the Chargeback rate from 2.76% to 0.07%, which was a fantastic achievement," -Ferran Llompart, Corporate Treasury Director, Iberostar Additional factors make chargeback protection more relevant than ever. The first is that the total cost of managing chargebacks has risen to nearly 3x of the original transaction value, according to a Fraugster analysis. For verticals like travel, where average order values are in excess of $750, this implies a total cost of over $2000 per fraudulent transaction. Secondly, 80% of online merchants are reporting an increase in first party fraud (also referred to as "friendly fraud") where credit card credentials are intentionally or mistakenly abused. This trend is particularly acute in online gaming environments. These chargebacks are very difficult to prevent or mitigate and are costing companies margin, with limited recourse to recovering chargeback losses. Together these trends are increasing merchants' exposure to chargeback liability and are driving up the total costs related to chargebacks. With Fraugster's Chargeback Protection solution merchants are able to significantly reduce the costs attributable to managing chargebacks, plus chargeback losses and fees, with little to no integration effort. "Fraugster's approach to addressing chargebacks is to use a combination of machine learning and behavioral science to build a sharper picture of the transaction in question. This means merchants can provide a more seamless buying experience for legitimate customers while also preventing fraudulent transactions from getting through - this includes transactions that may turn into chargeback fraud later on, We are pleased that global brands have increased their revenue of between 5-16% since adopting Fraugster's Chargeback Protection solution product and report a steadier and more predictable financial coverage for chargebacks and bottom line impacts." -Christian Mangold, CEO of Fraugster. About Fraugster Fraugster is a Berlin based payment intelligence company. Fraugster enables the world's leading merchants, global payment companies like Worldline and Ratepay to intelligently manage the impact of fraud to minimize the costs of fraud, maximize revenue and improve customer experience. Fraugster has developed one of the most accurate AI compliance, risk and fraud management and revenue uplift platforms in the market and is backed by leading deeptech investors including Earlybird, Speedinvest and CommerzVentures. Further information can be found at https://www.fraugster.com/

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TRAVEL TECHNOLOGY

Affirm and Agoda Enter Partnership

Agoda | June 14, 2022

On June 13, payment network Affirm announced a partnership with global travel platform Agoda. Agoda is part of Booking Holdings, the world’s leading online travel and related services provider. This partnership allows eligible travelers to book their hotel stays for upcoming trips across the Agoda platform via app and web. In addition, they can pay over time for bookings exceeding $50. When travelers choose Affirm as a checkout action on Agoda, those eligible can split the total cost of their purchases into either biweekly or monthly payments for as low as 0% APR. Travelers get to see the total cost of their purchase at the time and never have to pay more than the agreed amount upfront. Agoda has integrated Affirm’s Adaptive Checkout to offer customers various payment options to choose from based on their budget and preferences. Eligible travelers also have an option to pay four interest-free biweekly payments and monthly payment options. “We are always looking for innovative ways to help more people access travel, using tech to simplify the search, booking and payment processes,The launch of pay-over-time options with Affirm will enable travelers in North America who might have previously found it inconvenient to pay for their booking in one lump sum to spread the costs over multiple payments without incurring any compound interest or additional costs. We’re helping consumers get back out into the world of travel – on their own terms.” -Agoda’s Chief Financial Officer Thi-Mai-Linh Bui. According to a recent Affirm Consumer Spend Report, 80% of consumers agree that 2022 will be the year they splurge on a bucket-list trip and nearly 30% plan to pay for travel expenses over time instead of all at once, said Affirm’s Chief Revenue Officer Geoff Kott. “Our partnership with Agoda gives more travelers a budget-friendly way to pay for their next milestone vacation so they can travel without concern for late or hidden fees.

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