In this episode, host Lars Markull interviews Matt Welle, Co-Founder and CEO of Mews, a SaaS and FinTech platform transforming the hotel industry. They discuss Mews’ journey, its innovative approach to hospitality software, and how embedded finance is pivotal in its operations.
Introduction to Mews and Its Mission
- What is Mews?
Mews is a cloud-based property management system (PMS) for hotels, replacing traditional on-premises setups. It serves a wide range of hotels, from small bed-and-breakfasts to large hotel chains. - Core Mission:
To modernize and simplify hotel operations by integrating advanced technology and financial services into the guest and employee experience.
Key Features and Innovations
Transforming Hotel Operations:
- Automates check-ins, check-outs, and payments using cloud technology.
- Offers mobile-friendly solutions like tablet-based reception or fully digital check-ins.
- Integrates with over 1,000 systems, including accounting tools, booking platforms like Expedia, and restaurant management systems.
- Global Reach:
Operating in 85 countries with a focus on Europe, North America, and Australia/New Zealand.
Started in the Czech Republic but now serves both SMBs and enterprise-scale hotel chains globally.
Embedded Finance at Mews
FinTech as a Growth Driver:
- Payments have become a larger revenue stream than SaaS for Mews.
- The company uses Stripe Connect for seamless payment processing across guest journeys.
- Introduced cash flow lending for hotels to address seasonal financial challenges.
Future Financial Products:
- Exploring dynamic currency conversion, payroll services, and account issuing.
- Considering deeper integration into the financial stack with licenses for payments or e-money.
Challenges and Strategies
- Overcoming Legacy Systems:
Hotels traditionally relied on outdated on-premise systems with minimal innovation. Mews disrupted this by offering cloud-first solutions. - Trust Building:
Gaining trust in an industry resistant to change required years of thought leadership and customer education. - Scaling Operations:
With over 1,100 employees globally, Mews has embraced remote-first operations to attract top talent.
Lessons Learned
- Importance of Hiring Expertise:
Bringing in experienced professionals from companies like PayPal and Booking.com has been critical for scaling FinTech operations. - Cross-functional Collaboration:
Teams across SaaS and FinTech work together through mission-driven projects to ensure seamless integration of products. - Adapting to Market Needs:
Product launches are tailored to specific markets based on demand (e.g., lending in Europe vs. payroll in the U.S.).