What Travel Ledger does

Travel Ledger is a London-headquartered B2B billing and settlement platform purpose-built for the global travel industry. Founded in 2018 by Roberto Da Re, Justin Morshead, and Chuck Richardson, the company standardises invoice and booking data exchange between travel suppliers (tour operators, cruise lines, hotels, DMC, car rental companies) and travel buyers (agencies, trade buyers), automating reconciliation, payment collection, and settlement workflows. The platform serves more than 2,000 travel businesses and has processed over £1.5bn in payments, with anchor enterprise customers including Carnival, Royal Caribbean, Club Med, dnata, Hays Travel, Jet2holidays, Flightcentre (processing approximately €100m/month), American Express Europe, WebBeds, and Auto Europe.

The underlying technology is a Java-based cloud platform hosted on AWS with encrypted, immutable data storage and 2FA authentication, supporting integration via RESTful API, FTP, file/CSV upload, and email. The product suite centres on TL Pay, an integrated banking and payment layer that combines Nium-powered digital IBAN accounts (USD, GBP, EUR/SEPA, CHF, SEK, DKK), real-time Account-to-Account settlement through TL Pay Instant, and VISA-issued virtual cards on Adyen's regulated issuing infrastructure. Travel Ledger monetises primarily through supplier-side transaction fees (€0.31–€0.85 per transaction by volume tier) and a percentage-based Premium subscription (0.44% of booking value) that includes counterparty insolvency protection, supplemented by interchange revenue share on virtual cards, while the buyer-side basic tier remains free. Distribution combines direct enterprise sales with channel partnerships through dominant European trade bodies (ABTA, Advantage Travel Partnership, ECTAA representing 80,000 agents), flagship integrations with Expedia TAAP (160,000+ agents) and Glamour Srl (Italy), and an expanding European footprint beyond the original UK and Irish markets.

Name

Travel Ledger

Legal name

Travel Ledger Limited

Website

https://travelledger.org

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Travel Ledger is a London-based B2B billing and settlement platform for the travel industry, automating invoicing, reconciliation, and payments between travel suppliers and agencies. It processes over £1.5bn annually across 2,000+ businesses in the UK, Ireland, and broader Europe.

Ownership category

akta.pro rank

Product category

Travel B2B Payments Platform

NAICS

Travel Agencies (56151)

akta.pro primary industry

B2B Travel Credit, Invoice & Settlement Solutions (THALAHAD)

akta.pro secondary industry

Mid/Back Office & Accounting (ERP, Billing, Reconciliation, Reporting) (THALAGAA)

Keywords

• Travel B2B payments
• Billing settlement platform
• Virtual card issuance
• Automated reconciliation
• Travel industry fintech

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Transaction Fees (Suppliers): Suppliers pay a per-transaction fee ranging from €0.31 to €0.85 depending on monthly transaction volume (tiered: 0-10, 11-20, 21-40, 41-100, 101-300, 300+). Volume-based tiers incentivise higher usage.
2. Subscription Plans - Pro: Monthly subscription at €90/month with a minimum spend commitment. Includes full portal access, TL Pay, API, automated processes, FTP/email data exchange, Excel import/export, and counterparty insolvency protection.
3. Subscription Plans - Premium: Percentage-based fee (0.44% of booking value) that includes full platform access, automated processes, and counterparty insolvency protection. TL Pay account mandatory for payments.
4. Subscription Plans - Buyers: Free basic tier for travel buyers (agencies). Paid tiers at €50/month for up to 20 branches, €120/month for up to 50 branches, €160/month for 50+ branches. One-time TL Pay account opening fee of €50 via Adyen.
5. Virtual Card Interchange Revenue Share: Travel Ledger earns revenue share on card interchange fees from VISA virtual cards, with cashback incentives (1.0-1.3%) passed to customers. Early adopter bonus of 1.2% flat cashback for first 100 companies.
6. TL Pay Account Services: Fees for TL Pay account operations: one-time account opening fee (€90 NIUM / €50 Adyen), withdrawals to corporate bank account (€0.45), and cross-currency exchange. Free transfers between TL Pay accounts.

Pricing tiers

Go-to-market motion3 records

Distribution channels7 records

Marketing channels8 records

Core offering

Travel Ledger is a B2B billing and settlement platform built for the global travel industry. It standardises invoice and booking data exchange between travel suppliers (tour operators, cruise lines, hotels, DMCs, car rentals) and travel buyers (agencies, trade buyers), and automates reconciliation, accounts receivable, and multi-currency payments via integrated banking (TL Pay), real-time A2A settlement (TL Pay Instant), and VISA-powered virtual cards (TL Pay Virtual Cards).

Product overview

Travel Ledger operates a unified B2B billing and settlement platform for the travel industry, combining multiple payment and reconciliation capabilities. The core platform standardizes invoicing and payment processes between travel buyers and suppliers, while TL Pay serves as the integrated banking and payment layer. TL Pay encompasses multiple products: TL Pay Instant (real-time A2A bank transfers), TL Pay Virtual Cards (VISA-powered virtual cards for off-network suppliers), and TL Pay banking accounts (powered by Adyen and Revolut). The platform supports both buyer-side (Basic/Standard tiers) and supplier-side (Pro/Premium tiers) subscriptions, with features including automated reconciliation, dispute management, multi-currency support, and cashback incentives. Integration options include API, file upload (CSV/Excel), FTP, and Email, with connectivity to major travel technology platforms like Expedia TAAP.

Differentiator

Problem solved

Functional benefit

Brands

• TL Pay: Integrated banking and payment solution for B2B travel transactions, including virtual cards and real-time settlement capabilities.
• TL Pay Virtual Cards
• TL Pay Instant

Products and services

• Travel Ledger Platform Core B2B billing and settlement platform automating accounts receivable and payable for travel companies. Standardises invoice and pricing data exchange, processes payments, and reconciles transactions between travel buyers (agencies, trade buyers) and travel suppliers (tour operators, cruise lines, hotels, DMCs, car rentals, consolidators).
• TL Pay Integrated banking and payment suite within Travel Ledger providing digital bank accounts (IBAN), instant transfers, multi-currency support, and the foundation for TL Pay Instant and TL Pay Virtual Cards.
• TL Pay Instant Real-time Account-to-Account settlement API enabling travel suppliers to collect from trade partners instantly as part of the booking flow. Bypasses virtual cards, offers small fixed fees, no chargeback risk, and instant funds access with full security and data richness.
• TL Pay Virtual Cards VISA-powered virtual cards enabling travel companies to pay suppliers not yet connected to the Travel Ledger network. Supports multi-currency, just-in-time funding, automatic reconciliation to bookings, and cashback incentives up to 1.3%.
• Travel Ledger Integrated Banking Integrated banking capabilities for Travel Ledger participants, powered by Adyen's regulated infrastructure and Nium's e-money accounts. Provides digital IBAN bank accounts, multi-currency wallets, and seamless on-network (TL2TL) and off-network (virtual cards, bank payouts) settlement.

Quantifiable outcome

• 80% time saved on B2B billing and settlement processes
• +7 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature5 records

Partnerships

Nine partnerships are on record, tiered flagship, core and supporting.

• Expedia TAAPflagshipTechnology or Integration · 9 December 2025Travel Ledger integrated TL Pay virtual cards with the Expedia Travel Agent Affiliate Program (TAAP) portal. This is the first supplier integrated at this deep level within the Travel Ledger ecosystem. Travel Ledger automatically captures all booking and payment data from Expedia TAAP, delivering pre-reconciled transactions. Expedia TAAP serves over 160,000 travel agents globally with 35,000+ agencies in 30+ markets.
• AdyencoreTechnology or Integration · 14 November 2025Travel Ledger partnered with Adyen to launch integrated banking and virtual card capabilities. Adyen provides banking licenses, multi-currency settlement infrastructure, global acquiring network, and VISA virtual card issuing platform. This enables Travel Ledger to offer customers seamless B2B payment experience from a single digital account, covering both on-network (TL2TL) and off-network (virtual cards, bank payouts) settlements.
• ECTAAflagshipStrategic or Co-development Partner · 24 June 2025ECTAA (European Travel Agents' and Tour Operators' Association) and Travel Ledger announced a strategic partnership to accelerate adoption of secure, efficient, and digital B2B payment strategies among travel agents and tour operators across Europe. ECTAA represents 80,000 travel agents and tour operators. Cooperation includes joint communications, educational webinars, case studies, and industry events including ECTAA summits.
• RevolutcoreTechnology or Integration · 29 January 2025Travel Ledger integrated Revolut Business accounts into TL Pay via API. Travel Ledger customers can now use Revolut Business accounts to manage all financial activities (collections, merchant services, FX) while settling with suppliers via Travel Ledger. Eliminates the need to fund and monitor separate accounts. Particularly beneficial for SMEs in the UK and Europe.
• Traverse AutomationcoreTechnology or Integration · 1 October 2024Strategic partnership between Travel Ledger and Traverse Automation to enhance B2B payment processes for travel companies. Traverse Automation provides end-to-end integration of Travel Ledger's billing and settlement data into back-office systems, enabling automated invoice matching, real-time discrepancy detection, and automated payment processes for suppliers not yet connected to Travel Ledger.
• Glamour SrlflagshipStrategic or Co-development Partner · 24 September 2024Glamour Srl (a leading Italian consolidator and tour operator) signed a partnership agreement with Travel Ledger. Glamour's booking platforms Vola Glamour and Viaggia Glamour enable 1,000+ travel agencies to process payments through Travel Ledger. Glamour was the first Italian adopter of TL Pay Instant for their distribution network of 1,000 established agents and nearly 2,000 registered agents.
• Nium Fintech LimitedsupportingTechnology or Integration · 23 September 2024UK electronic money accounts are provided by Nium Fintech Limited, authorised and regulated by the FCA (FRN 901024) for issuance of electronic money. EU electronic money accounts are provided by UAB Nium EU, authorised by the Bank of Lithuania (LB000420).
• ABTAflagshipStrategic or Co-development Partner · 1 January 2021ABTA (Association of British Travel Agents) eliminated its old Single Payment System (SPS) in 2021 and migrated all its members entirely to Travel Ledger. Travel Ledger allows ABTA members to control who they transact with and facilitates deposits, balance payments, and refunds between agents and suppliers. ABTA has approximately 4,000 member travel brands with combined UK annual turnover of £40 billion.
• Advantage Travel PartnershipflagshipStrategic or Co-development Partner · 1 January 2021Advantage Travel Partnership replaced its 20-year-old CAPS (Central Advantage Payment System) with Travel Ledger. The new system enables members, suppliers, and the Advantage organisation to leverage flexible, adaptable processes on the platform. Members can have all suppliers on one platform with a single view, eliminating the need to reconcile multiple different statements. Advantage is the UK's largest independent travel agency partnership generating over £4.5 billion in travel sales annually.

Scale indicators8 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• AirPlus International: A Lufthansa Group company providing corporate travel payment solutions including virtual cards, lodge cards, and centralized billing for business travel. Closely mirrors Travel Ledger's corporate billing and virtual card offering for travel buyers and suppliers.
• Conferma Pay: UK-based B2B virtual card and payment platform purpose-built for the travel industry. Directly comparable to Travel Ledger's TL Pay Virtual Cards and TL Pay Instant product lines, serving similar travel suppliers, agencies, and corporate buyers.
• CellPoint Digital: Travel-focused payment orchestration and virtual card platform serving airlines, hotels, and OTAs. Comparable in domain specialization and in providing integrated card and alternative-rail payment routing to travel merchants.

Emerging players

• CellPoint Corp (formerly PowaPOS): B2B payment and commerce platform with travel and retail merchant focus. Provides a narrower but adjacent set of B2B payment capabilities relevant to mid-market travel suppliers.
• Soldo: European SMB-focused B2B payments and prepaid card platform. Touches the same customer segments (UK and EU travel SMEs) and provides multi-currency corporate cards, but lacks the deep travel-vertical reconciliation workflow.
• Modern Treasury: US-headquartered bank-to-bank payment operations platform for B2B and platform businesses. Comparable in API-first real-time A2A settlement and reconciliation, though broader than travel and not travel-specialized.
• Pleo: European B2B expense and payment card provider with broad SMB adoption. Competes indirectly for travel SMB buyers' spend management workflows but does not target the B2B supplier settlement use case that Travel Ledger serves.

Broad incumbents

• WEX Inc. Large public corporate payments company with B2B card programs and virtual card issuing across multiple verticals including travel. A broader incumbent that competes with Travel Ledger for travel supplier virtual card programs while also serving fleet, healthcare, and benefits.
• Bottomline Technologies: Established B2B payments and cash management vendor serving corporates and financial institutions with virtual cards, payables automation, and reconciliation. Overlaps with Travel Ledger's mid/back-office billing and settlement capabilities at the enterprise end of the market.

Others

• Nium (formerly iXaris): Global cross-border payments and card-issuing platform that is simultaneously a partner (provides EU/UK e-money accounts to Travel Ledger) and an enabler for travel B2B payment use cases via its issuing APIs.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/Travel_Ledger
• YouTubeyoutube.com/channel/UCmDmYUesZyg8fRcJl1q_-Ow
• LinkedInlinkedin.com/company/travel-ledger/?viewAsMember=true

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Funding overview

Funding rounds2 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Travel Ledger