What happened: Travelnest targets European property owners and has just launched a payment product in partnership with MangoPay (Finextra).
Core product: Travelnest lets property owners list their rental units on platforms like Airbnb, Booking.com, etc. The property owner can create and manage all properties directly on Travelnest without visiting the different travel platforms.
Financial product: According to the announcement, Travelnest can optimise the flow of funds with the new Mangopay integration and offer multi-currency services. While it is not 100% clear, I assume that after a property owner is onboarded onto Mangopay, they will receive a new IBAN. This IBAN will then be added to the various booking platforms. All payouts from these booking platforms will go into the MangoPay wallet before being transferred in one sum to the rental owner’s bank account. This is likely improving the customer experience for the rental owner, but it also puts Travelnest into the money flow, creating short-term benefits (e.g., increased product usage; higher stickiness) and new long-term product opportunities.
