Intelligent travel solution provider Kuaiying raises a million dollars in Pre-A round
Kuaiying Technology provides mobile payment solutions for tourist attractions to enhance their management and operational efficiency.
Hangzhou-based intelligent travel solution provider Kuaiying has secured tens of millions of yuan (more than USD 1.44 million) backed by CJI in its Pre-A round of financing. The funds will be used for technology development and marketing.
Chenggang He, founder and CEO of Kuaiying says: "While mobile payment is commonly used these days but the travel industry is still lagging far behind with cash still widely adopted in many attractions, resulting in long queues for buying tickets. Kuaiying Technology aims to provide mobile payment solutions to enhance the management and operational efficiency of attractions."
Founded in April 2015, Kuaiying has forged partnerships with nearly 600 tourist attractions in more than 60 cities across China, among them are natural scenic spots, theme parks, museums, family parks, restaurants around scenic spots and hotels. About 80% of the attractions are in Hangzhou.
By offering mobile payment, Kuaiying enables travelers to enjoy online shopping, self-service ticket booking, smart parking, intelligent guiding and customer services through mini programs provided by attraction operators. Kuaiying has also launched credit-based products, including Zhima Credit deposit-free rentals and post-pay services at attractions introduced in conjunction with Ant Financial last year.
A major issue for attractions is having a singular profit model, making it difficult for sustained development with only ticket revenue. Kuaiying provides a range of marketing strategies for operators to gain more traffic during the whole travel process. In the pre-trip phase, Kuaiying helps operators to gain social media exposure through multiple channels. During the trips, Kuaiyu enables operators to provide tour guiding and map-based marketing in a strategic partnership with Amap, offering a combination of cards and coupons to stimulate travelers' secondary consumption. Post trip, Kuaiying will direct traffic flow between different destinations to extend travelers' consumption cycles.
Kuaiying is headquartered in Hangzhou with over 300 employees. It is estimated to achieve 15 million yuan in operating revenue in 2018. The company has now officially broken even.