Fintech might have been seen as a buzzword in travel up until the past few months.
It has become clear that fintech companies outside travel, such as Klarna and Capital One, are eyeing up the travel space while existing travel companies are committing serious thought and resources to the area.
Not least when it comes to action is Hopper, which, on top of several significant funding rounds (here and here) during the pandemic, has managed to double its revenue.
During a session at the Phocuswright Conference 2021 this week (Fintech and the Future of Travel), Hopper CEO Fred Lalonde discussed the size of the opportunity he sees in fintech.
Lalonde not only spoke of the areas where Hopper sees potential, such as in payment mechanisms and risk-based products but also shared that 52% of customers buy at least one of the products for flights, rising to 70% for hotels.
He added that the fintech products have created new customer spend of about 12% which, if applied to Hopper’s current product set, could see a “total unrealized spend of $168 billion.”
Later, speaking to PhocusWire senior report Mitra Sorrells, Lalonde described how the company is using the Hopper app as its “innovation furnace” to test fintech products.
He also touched on super app ambitions and keeping innovation alive in the organization through a “day one” mentality.
The full presentation and interview is included below…
Keynote + Interview: Fintech and the Future of Travel – The Phocuswright Conference 2021
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