Nine milestones since 2009

June 25, 2018

Yesterday marked nine years since we started the eNett journey back in 2009. From day one, our aim has always been to shake up the industry by helping travel companies take the cost and complexity out of payments. And the proof is in the pudding, as the uptake for Virtual Account Number (VAN) technology has taken eNett from strength to strength.

From pitching an idea in the back of a taxi to Travelport, to expansion across the globe, we’ve come leaps and bounds. In honour of our ninth anniversary we wanted to take you on a journey through time, highlighting some our biggest milestones that contributed to eNett’s success.

1. Teaming up with Travelport

It’s strange to think that the birth of eNett took place in the back of a taxi. A ‘once in a lifetime’ opportunity, the biggest milestone for eNett was my chance to pitch to the MD of Travelport for investment. He had travelled from London to Melbourne and had to cancel the meeting to catch a plane but agreed to meet in the back of his taxi! We signed a joint venture a few months later.

2. Going global

Once we got the funding, our next milestone was going for gold with global expansion. Starting in tiny no-frills offices in Melbourne and London, we’ve seen headcount increase from 15 to over 250 over the past nine years – with office hubs now in five major cities around the world.

3. Partnering with Mastercard

Mastercard and eNett formed a long term strategic partnership in 2014, signing an exclusive deal to work together to drive innovative B2B payment solutions specifically for the travel industry. This partnership helped drive eNett’s investment in our VAN technology stack that automatically generates unique 16-digit Mastercard numbers which are used by travel agencies to pay any suppliers who accept Mastercard online.

4. Hitting hyper-growth

Since our beginnings, the challenges we have overcome for our customers mean eNett has continued to grow steadily, and we’ve seen a compound annual growth rate (CAGR) of an impressive 58.5% over the past five years. In 2017, eNett’s global net revenue increased by 29% YoY to USD194 million.

5. VANs has become a popular form of payment

According to eNett research conducted in 2016, VANs came in as the number one choice after traditional payment methods for travel companies, and predictions have stated that they may even overtake electronic fund transfers (EFT) and cheque payments over the next few years. This has led to eNett now being number one in international virtual card payments for the travel industry.

6. Scoring high on Net Promoter Score

Because of our key focus on customer experience, eNett has recorded a Net Promotor Score (NPS) of +37. NPS is a measure of the willingness of customers to recommend a company’s products or services to others. This score puts us alongside the likes of Trip Advisor (+44), Airbnb (+39) and Uber (+37) when it comes to customer advocacy.

7. Launching the CSR programme

In 2016, we launched our social responsibility programme ‘Repay the eNett Way’, an initiative aimed at giving back to the travel industry by helping disadvantaged communities affected by tourism. As well as company fundraising to support causes, the programme has also seen eNett volunteers travel to Cambodia, South Africa and this year Nepal, to get hands on in making a difference to the people living in disadvantaged townships.

8. Hitting an all-time high

eNett reached an important financial milestone in July 2017, highlighting the growing support for our VAN payment solution. The downside was that the entire eNett team got to see me do a choreographed dance routine to celebrate. Note to self: stop and think before making outlandish commitments to the team for when we reach our next big milestone.

9. A winning streak of industry awards

In 2017 the team celebrated an award-winning year taking home eight industry accolades. Year to date in 2018, we have added another four awards to our trophy cabinet. I think it’s safe to say that eNett would be one of the most recognised travel payments companies in the world at the moment, thanks to the amazing efforts of our team and our loyal customers.

eNett has come so far in the space of nine years, and smashing targets is what we do best. With our 10-year anniversary on the horizon, we are excited to see what a decade will mark, and I have no doubt our team will pull out all the stops to continue to deliver world-class customer service.

How Asia is creating a booming travel industry

According to the World Travel and Tourism Council, five of the world’s ten fastest growing tourism cities are in Asia, putting the region at the forefront of tourism in the foreseeable future. Compared to major western economies, such as the U.S., U.K. and Germany, where GDP grew at less than 2.5% year-on-year in 2017, the APAC market grew at a much faster pace. China’s GDP, the second largest worldwide, increased by 6.9% in 2017, whilst India, rose by 6.6% during the same period.

26 September 2018

Technology and travel – the past, present and future.

Over the past 20 years, technology has played a role in the growth of the tourism and travel industry. This blog explores recent technological advances and how technologies like big data, artificial intelligence and digital platforms can be harnessed to boost growth and improve the customer experience.

03 September 2018

Why the travel industry should take a leaf out of Amazon’s book

It’s predicted that Amazon, the $900+ billion tech giant that is revolutionising customer experience , may disrupt the online travel industry next. So what can online travel agents (OTAs) learn from the retail giant to ensure they too do not get left behind?

31 July 2018

European summer 2018: experience trends are changing travel industry traditions

European summertime is a notoriously busy period for the travel industry, as travellers all over the continent jump at the chance to book flights to seek out sunnier destinations. In the UK, some airports have claimed that 2018 will be the “busiest summer ever”, expecting millions to pass through their doors between July and September.

29 May 2018

Our Vision for GDPR

The European Union General Data Protection Regulation is coming into effect on 25 May 2018. eNett believes personal data, privacy and security are of the utmost importance for all. In line with this, we are in the process of making changes globally.

17 May 2018

How OTAs are navigating the changing landscape of the travel industry

Nowadays, travellers have many options available to them to help choose destinations, compare prices and make reservations independently and easily. Competition in the travel industry is high, and margins are low. It’s clear that online travel agencies (OTAs) can’t do business in the way they used to.

11 April 2018

How fraudsters are targeting OTAs

Fake hotels are fast becoming a massive issue for OTAs, leaving them out of pocket. And they’re becoming ever more sophisticated and believable too. What can OTAs do to protect themselves from this growing threat?

22 February 2018

Costing US$21B a year - it pays to know about fraud in travel payments

In 2017 the impact of fraud is estimated to have cost travel intermediaries US$21B. By 2020 the impact of fraud is expected to cost US$25B, driven by both a migration from offline to online, and an expected uptick in the rate of fraud. Understanding fraud and its true impact and cost to travel businesses is the first step to combating it.

07 February 2018

Future-proofing your business for 2018

Anthony Hynes gives his top four considerations travel companies should be thinking about to get ahead in 2018.

12 December 2017

A Year in Review for Travel

2017 is shaping up to be a record-breaking year for the travel industry. eNett MD and CEO, Anthony Hynes, recaps of some of the highs and lows over the past year, and ways travel companies can continue the growth trajectory in 2018

16 November 2017

Tackling Fraud in the Travel Industry

As part of International Fraud Awareness Week, eNett MD and CEO, Anthony Hynes gives his view on how travel agencies can tackle increasing levels of fraud in the travel industry.

30 October 2017

Key to tapping Asian travel market is payments

As part of International Fraud Awareness Week, eNett MD and CEO, Anthony Hynes gives his view on how travel agencies can tackle increasing levels of fraud in the travel industry.

27 September 2017

We’re backing World Tourism Day’s drive for sustainable tourism

Travel and tourism grow every year. Many underprivileged communities across the globe are being displaced - especially those in high-growth travel destinations. 'Repay the eNett Way' is our hands-on approach to make a difference in these communities.

29 August 2017

Great employee experience = great customer experience

A unique value proposition is one thing, the second step you take when launching a business is just as important.

01 August 2017

How Virtual Account Numbers Simplify B2B Travel Payments

Travel agencies are wasting time and money - it doesn't need to be this way. There is a solution today, it's faster, easier and safer than many other traditional methods too!