SION Raises $3.2 Million in Seed Funding Led by TIA Ventures; Debuts New Fee Processing Service for Journey Advisors

OCEANPORT, N.J.–(BUSINESS WIRE)–SION, a SaaS platform that manages fee funds for journey advisors and companies, right this moment introduced $3.2 million in seed funding led by TIA Ventures with participation from SmartFlyer and Virtuoso to advance its promotion of a extra sturdy and open journey tech ecosystem. SION will use the funding to speed up product improvement and create automated fee chasing, ramp up integrations, and launch a brand new cost processing system. This may additional instill SION as a sturdy useful resource for journey advisors to help their rising companies, enhance group and cost processing, and enhance profitability. The corporate’s new funding follows $1.3 million it secured in a pre-seed spherical in 2020.

“This funding milestone allows us to double down on our imaginative and prescient to assist journey advisors get whole visibility throughout their complete enterprise, and most significantly, receives a commission,” mentioned COO and co-founder Alfons Musry. “It not solely helps to additional our dedication to evolve the antiquated methods of the journey company business, however it helps pace up our plans to carry extra instruments and capabilities to the platform and develop our group of customers. We’re excited for what the longer term holds at SION, particularly with the journey business making such strides for the reason that pandemic.”

SION has revolutionized the best way journey advisors work with the only method to observe and handle journey commissions. Its software program platform brings effectivity, accountability, and transparency to journey advisors and companies. As soon as a journey reserving is made, SION automates all of the core components together with the cost standing, fee break up, provider invoicing and interactive real-time reporting. When companies work with SION, they will spend much less administrative time and power getting paid, enabling them to focus their power on their very own journey purchasers and profitable extra enterprise. This winter, SION is debuting a groundbreaking and integral a part of the platform: a cost processing system that can robotically enable funds to circulation via the system. Moderately than taking six to eight weeks, SION pays in actual time.

“As a long-time journey advisor, there was restricted know-how to assist brokers construct profitable companies throughout the business. Earlier than SION, we spent most of our time invoicing and chasing down commissions, which was an all-consuming and tedious course of,” mentioned CEO and co-founder Irving Betesh. “We’ve created one thing that makes a big affect throughout the business and improves all points of how journey brokers run their enterprise, specializing in the again workplace to allow them to spend extra time closing new enterprise. We’re grateful to have created a platform that empowers journey brokers and will increase administrative effectivity and profitability.”

In 2019, SION was born out of a journey agent’s frustration with counting on commissions for a majority of their earnings, however being burdened with receiving the commissions after they’re due. Inside the business, commissions characterize over 80 % of journey company income, however greater than 40 % of commissions include discrepancies or don’t receives a commission. Just like the supply of many new concepts, co-founders Betesh and Musry acknowledged this downside of lacking, unclaimed and unmatched funds and sought an answer. Till SION, there had by no means been a easy system for getting into, invoicing and monitoring funds of journey agent gross sales made. SION created a centralized on-line dashboard interface to attach all of the events and handle the workflow to resolve all of the ache factors of fee circulation and administration. The startup’s spectacular portfolio of purchasers consists of every thing from particular person journey advisors to bigger notable companies.

“The SION group has a robust mixture of business experience and technical product improvement abilities,” mentioned William Hapworth, co-founder and normal associate at TIA Ventures. “The result’s that they’ve created software program that’s extremely intuitive to professionals within the business that executes processes in a single click on and seems like magic, saving hours of time per week whereas recovering cash that’s owed. Companies that use SION will have the ability to entice and retain the highest journey advisors who’re important to their enterprise development.”

Since releasing the ship bill function, SION has been accountable for the gathering of greater than 85 % of delinquent invoices, a typical ache level throughout the business. With greater than 1,500 brokers subscribed to the platform, SION is presently managing roughly $2.2 billion in reserving income.

To study extra about SION, go to www.sioncentral.com.

About SION

SION is a New York Metropolis Metro-based international know-how firm serving the wants of the journey advisor business. It exists to make journey advisors’ lives simpler via its powerfully easy software program. SION’s first-of-its-kind streamlined interface, superior options, and game-changing automation remove the headache of fee monitoring and cost reconciliations skilled by journey advisors the world over. It often has been described by customers as revolutionary. In 2019, SION graduated from the distinguished Virtuoso Journey Incubator program and can also be partnered with such journey heavyweights as Sabre, Amadeus and IATA.

About TIA Ventures

TIA Ventures is a seed-stage enterprise capital fund targeted on serving to B2B software program firms scale into business requirements. We’re customer-obsessed, relentless about creating profitable groups, operators and builders, long-term companions, constant, and confirmed.