Global FinTech platform iOL Pay, a subsidiary of Illusions Online, went live in 37 countries to assist the hospitality payments space across North America, Europe, the Middle East, APAC and Africa, according to a press release emailed to PYMNTS on Tuesday (Nov. 30).
iOL Pay takes an industry-first approach to develop “scalable value” in several areas for the hospitality space. It offers a suite of solutions that brought the startup pre-launch success with deployment in hotels across several countries.
Founded in 2020 by Faisal Memon, who also serves as CEO, iOL Pay is headquartered in Dubai and aims to provide a seamless payments solution for hotel chains and independent hotels. The company has been backed by hospitality and technology industry veterans.
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On a mission to redefine how hospitality firms handle payments, iOL Pay brainstormed with FinTech pros and financial services gurus to come up with a better way, according to the release.
“As digitalization has swept through the hospitality industry, consumer and B2B payment systems and processes haven’t advanced at the same pace. iOL Pay builds on our decades of experience, solving challenges of renowned hotel chains through future-centric and innovative technology and key strategic global partnerships,” Memon said.
“As the world’s first multifunctional FinTech platform for the hospitality industry, iOL Pay will simplify transactions, accelerate savings and enhance revenue flows. The platform reduces fraud and chargebacks and streamlines the management of canceled bookings, whilst transforming the guest’s experience at multiple points in their online and offline interactions with the hotel,” he added.
iOL Pay has its eye on becoming the world’s first global hospitality FinTech unicorn in the next 12 months. The startup is also planning to expand to 19 additional countries.
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