Aussie Exchange To See T&E Listing

In the U.S., investment in travel and expense management startups is on the rise. In Europe, corporate travel spend is spiking, too.

And in Asia-Pacific, the T&E space appears to be strong as well. At least, that’s according to Serko, a New Zealand-based corporate booking tool that plans to go public on the ASX stock exchange this year, according to reports on Wednesday (Feb. 3).

[bctt tweet=”T&E firm Serko plans to go public on the ASX stock exchange this year.”]

The company holds a market value of about NZ$60 million (about $56 million) and holds some big name clients, including BMW, Microsoft and KPMG. Reports said 30 percent of Australia’s corporate travel spend — worth more than $7 billion — is expected to pass through Serko’s platform in the fiscal year ended March 31.

In an interview with The Sydney Morning Herald, Serko Chief Executive Darrin Grafton explained why it has seen such traction in Australia.

“We are really known in Australia — 90 percent of what we do is in Australia,” he said.

Grafton emphasized to reporters the company’s focus on corporate travel booking innovation. The firm is looking to break even by the end of the fiscal year; according to Grafton, the company has enough cash for the next two years, unless the firm makes an acquisition.

Late last year, reports said, the company raised NZ$8 million in institutional investment that was used to launch Serko’s small and medium-sized business-targeted solution, as well as to raise product awareness.

Last year, the company also launched its Apple Watch-compatible solution.

Serko provides white label business travel booking, allowing individual professionals to book their corporate travel plans through the platform, while remaining compliant with corporate policy. Travel management companies using the tool include American Express Global Business Travel and Flight Centre-owned FCm Travel Solutions, which can use their own branding on the Serko platform.