eNett 10 years on: A decade of redefining payments
June 25, 2019
Cast your mind back to 2009, the year Spotify and Twitter became mainstream. When the phrase ‘there’s an app for that’ took off, thanks to the explosion of apps on iPhone, Android and even Blackberry. 10 years ago, also marks the point in time when eNett International entered into a joint venture with Travelport and Optal, which has been a key enabler of the growth and success we’ve enjoyed to date, and the start of our decade as a disruptor.
Starting out as an idea during my MBA, growing into a disruptive start-up and then becoming a leader in B2B travel payments – it has been a journey! There have been so many highlights over the years, but here are some milestones that have stood out for me:
- Hello Travelport: I jumped into the back of a taxi with the CEO of Travelport, a global travel commerce platform, to finish pitching for investment. It worked and in 2009, the company signed a joint venture with PSP International (now Optal) to become an eNett shareholder – and the rest, as they say, is history!
- Partnering with Mastercard: To ensure eNett could deliver high volumes of payments around the world, we formed a strategic partnership with Mastercard in 2012 which underpinned our innovative Virtual Account Numbers (VANs) technology – 16 digit, single use Mastercard numbers. And in 2014 we signed a long-term agreement to keep the power of VANs going.
- Bringing a wave of digitisation to travel: We now have travel agency customers located in 44 countries across the world, giving them access to 59 VAN currencies so that they can do business with suppliers in every corner of the globe. There’s a reason why we’re leaders in international virtual card payments!
- Hitting hyper-growth: We have grown our net revenue dramatically – for the full year 2018 we hit USD$315M, which is over 20 times higher than in 2012. Last year, we also more than doubled our 2017 growth figure, boasting a net revenue growth of 63% YoY. These are impressive numbers you can’t ignore!
- Becoming truly customer-centric: There’s not that many B2B companies that can say customer experience is the backbone of their company. But that’s what sets us apart from our competitors and has enabled us to garner a Net Promoter Score of +42, positioning us alongside the world’s best in the delivery of exceptional customer experience.
- Giving back to the travel industry: Launching our CSR program ‘Repay the eNett Way’ has truly been a rewarding experience, allowing our team to give back to communities displaced by global tourism. We’ve supported projects in Cambodia, South Africa and Nepal – raising tens of thousands of dollars and providing charities with hands-on support from our employees. This year we’ll be helping charities who support the homeless in Melbourne and London.
- Seeing in our 10th birthday in style: eNett started out with only 15 people, but now we have grown to over 260 employees located predominantly in our major office hubs in Melbourne, London and Singapore. No matter where they’re located, our teams are celebrating us hitting the decade milestone in style! Go #TeameNett
It certainly has been an incredible adventure. One that I am very proud of and I’m sure will continue well into the future. On this 10-year anniversary, I would like to take the opportunity to extend a heartful thanks to our employees and their families, our customers, our shareholders and our business partners. You have all helped make this company great and I’m so very grateful. Bring-on the next decade!
ENDS
