Introducing App-to-App payments
The headquarter of Norway’s largest bank DNB was packed on Thursday 27th September 2018 for this years edition of DNB NXT, where entrepreneurs, investors, emerging growth companies and innovative large corporations met to share prospects and opportunities. One of this years buzz cases – both prior to and after the pitch – was TicketCo.
“We are reducing costs, reducing complexity and by the end of the day our goal is to kill the bank terminals,” was among the brave but highly achievable statements TicketCo CEO Kaare Bottolfsen gave during his pitch at the Ten hottest Norwegian scale-ups pitch session, designed especially for investors.
Mr Bottolfsen took the contestants through TicketCo’s vision (Creating the global standard for all event payments), business idea (Event payments made easy) and value proposition (TicketCo is the unified platform for efficient payments, minimising work and maximising sales) before he unleashed a package of unbeatable facts: a unique product, a brilliant product fit, steep growth and a highly skilled and extremely well market connected team of executives in all territories where TicketCo is present.
The importance of industry knowledge
“The event industry is a people business. A magnificent product is not enough to bring you to the negotiation table with the large clients. For that you need high level networks, which is the most important quality we look for when recruiting for new markets,” he stated to lots of approvingly nodding heads in the audience.
The figures Mr Bottolfsen presented was remarkable for a scale up.
- 50 % + CAGR = Hypergrowth
- 135 million USD in payments processed
- 5,6 million payments processed
- 30,000 events held
- 1,900 event organisers
Scaling up fast and big
“Our journey has only just begun. We are on the threshold of launching in Poland and Sweden, and even before opening our business in what will be our third and fourth market we are securing huge and long lasting contracts with leading event organisers in these two countries. Within months we can go public with these milestones. Until then you just have to wait to see,” was among the TicketCo CEO’s messages.
“The big players in the ticketing and event payments market have been remarkably distant when it comes to innovation and meeting their clients needs, and this has left their businesses open for attack. Right now there are huge possibilities for TicketCo world wide. We are scaling up fast and we are scaling up big to conquer these opportunities,” was another strong dispatch.
Proven market impact
The amount TicketCo is aiming for in their next round of share issue is 8 million USDs, a goal the TicketCo CEO finds reachable.
“We’ve proven traction in our current markets Norway and the UK, and we firmly believe TicketCo will have a big opportunity in new markets. The customer validation we’ve received is applicable for other markets as well, the way we see it. Also our product is unique across markets,” he claimed.
“We also believe TicketCo will create great value not only for our customers but also for our investors, present and future.
A few months from now we expect to receive an FSA approved e-money license, and this will give us the opportunity to continue innovating our product and business models. The further we innovate on payments the more our vision will manifest itself in the event industry. With a great product combined with a great team of executives and employees we will win this ballgame,” Mr Bottolfsen predicted.
Skills and business potential
The host for the scale up session during DNB NXT was managing partner Thomas Due of Venturelab, a Norwegian based venture advisory firm offering venture consulting services to fast-growing companies and entrepreneurs. He has spent most of his adult life working where finance meets entrepreneurs and is passionately involved in entrepreneurship, funding processes and company building.
Mr Due is more than impressed by the huge steps TicketCo has taken since launching in the UK late 2017, and confident that the company will raise the capital needed for further expansion.
“I love the hairy ambitions, and I find the company’s vision both clear and achievable. They have widened their business from ticketing – which is crowded space – to event payments, and that makes them unique. The company stands out with a proven track record and bright prospects,” says the Venturelab managing partner.
He is fascinated by the skills within the organisation, and excited to witness the quality and size of the largest clients.
“Two of the main criteria Venturelab is judging when considering a new case is sales skills and business potential. TicketCo has both. Writing a patent application is no big deal. What matters is the ability to do business, and this is where many scaleups fails. TicketCo is not among these, and I am really looking forward to the next chapter in the TicketCo adventure,” says Thomas Due.