TicketCo reaches 100 million GBPs
Last month TicketCo reached the milestone of 100 million GBPs of clearing. We stopped by the CFO office to get a comment from the man in charge of the cash flow – Mr Odd Haaskjold.
“This would not have been possible without the extremely well automatic processing within the TicketCo platform, including detailed settlement forms to each of the many organisers that we are processing on behalf of,” says the TicketCo CFO.
Mr Odd Haaskjold has a Masters Degree in Commerce/Business from Norwegian School of Economics, with an intermediate law degree from the University of Bergen on top. Before joining TicketCo in 2017 he held the position as CFO in itslearning, and prior to this he has worked on several large banking and financial projects world wide.
Efficient event payments
“The TicketCo platform is built from scratch with modern tech and with a clear idea of scaleability and labour efficient solutions from day one. This gives us a huge benefit today, when we experience both steep growth within our existing markets as well as expansion to new markets. We are lean in the true sense of the expression, and we are able to be processing in several markets with a solid balance,” he states.
“TicketCo is operating in the very core of what I find exciting as a CFO. We are expanding globally with an unified platform for efficient event payments, and our vision is simply to create the new global standard for such payments. Nothing less,” Mr Haaskjold comments.
Junkyard Golf Club
TicketCo’s very first client in UK was Junkyard Golf Club. This activity based entertainment enterprise have locations in both Manchester, London, Oxford and Leeds, and they are engaging huge crowds each week throughout the year.
“Since starting to work with TicketCo last year, I’ve been extremely pleased with our partnership. With any new supplier trust is a key component, and TicketCo are both direct and honest, as well as easy to work with. Due to their reputation in Norway and scale of transactions they handle, we are more than happy for them to look after large amounts of transactions and income on our behalf. Sales figures have increased and our customers benefit from a faster, more intuitive booking system online and a much simpler check in when they arrive at the venue. I look forward to working closely with them as we continue to grow,” says Chris Leigh of Junkyard Golf Club.
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Junkyard Golf Club is not alone. Over the last few months TicketCo have signed a wide range of UK organisers, varying from sports clubs to festivals and agencies. The feedback from these clients has been overwhelming.
“Collecting cash is an ungrateful task, and it requires a lot of administration. This year we had full overview during the event, and afterwards TicketCo deposited all takings directly into our bank account and presented a complete, detailed report on our ticket sale and all other sales made during the event,” said committee leader Kåre Sivertsen of the May 17th celebration in Southwark Park in a previous blog post. Read the full story here.
“We have this single day each year to make money and we are dependent on everything to run smooth, both for our own cash balance and for the well being of the 14,000 spectators at the stadium. TicketCo proved to do the job as expected this year, and next year we will fully benefit from their one-stop-shop solutions,” said marketing manager Anne Mette Undlien Haug of the IAAF Diamond League in another previous blog post. Read the full story here.
TicketCo’s financial position
The TicketCo group, which TicketCo UK LTD is a wholly owned subsidiary of, is an international group of companies with operations across Scandinavia and Europe. The mother company, TicketCo AS, is based in Norway and has a healthy balance with several larger investors backing it’s international expansion.
“In TicketCo we utilise iZettle and Adyen, both world renowned global companies, as our payment service providers and card acquirers. These are both integrated in the TicketCo platform”, says Odd Haaskjold.
The TicketCo group uses RSM as auditors. The company’s accounts are reviewed annually by RSM Norge AS. The annual audit of the company’s accounts also include reconciliation and auditing of the company’s client account. All funds processed for UK organisers are held in the London branch of DNB Bank ASA (Den Norske Bank).
“Funds are normally cleared out on the basis of fulfilment of services based on TicketCo platform calculations, and not done as part of a manual process. The funds are held in a separate account dedicated to clients and processed when the platform releases the funds. No one alone can approve these payouts as there are always two persons that has to approve the transactions in the bank. The company may only dispose of deposits on the account in accordance with the current terms and conditions,” Mr Haaskjold adds
Liquidity is essential for most organisers, and weekly pre-payouts may be necessary for some.
“If the organiser appears solid and have a good track record, TicketCo will have no problem making pre-fulfilment payments as well as accepting the risk of the services not being delivered. This means that funds will go directly – on a weekly basis – straight to the organiser’s account from TicketCo UK Limited,” explains the TicketCo CFO.
“For season tickets as well as other tickets this means that funds can be cleared immediately to the organiser pre delivery, as soon as we receive the funds from our card acquirer Adyen and partner iZettle. Arrangements like this can easily be added as a separate point in our agreements,” he ensures.
Developed by organisers, for organisers
For organisers considering TicketCo, Odd Haaskjold has this closing argument:
“TicketCo is developed by organisers, for organisers. Our business idea is to make event payments easy both for the vast public and for each and every organiser. If you choose TicketCo, we ensure you that your funds are well taken care of the short time they are visiting our bank account. Furthermore, we promise you the best event sales tools that money can buy,” he states.