Mews Raises $100 Million for Hospitality Tech Offering
Hospitality cloud platform Mews has raised $100 million in financing from Vista Credit Partners.
The new funding comes at a time when cloud adoption is accelerating throughout the $15.5 trillion global travel and tourism sector, Mews said in a news release on Thursday (Sept. 26).
The company said the financing will boost Mews’ growth and strengthen its merger and acquisition arm, which has already acquired nine hospitality companies.
“Hospitality at its core is a human industry, and we are relentlessly focused on driving cloud technology which empowers staff to disconnect from their screens and focus on their guests,” Mews CEO Matt Welle said.
“We have a huge opportunity to support the world’s most revolutionary hospitality brands to accelerate their digital transformation,” he added. “By investing in both our organic and inorganic growth, we will completely reshape the way hospitality is delivered.”
In addition to the company’s acquisitions, Mews noted a number of other recent milestones, including achieving a valuation of more than $1 billion, and a 250% increase in its North American customer base in the last 12 months.
“As an integral property management system for hospitality brands worldwide, the Mews cloud platform helps to automate core operational, business and payments processes while empowering staff to provide the best possible guest experiences,” said Amy Mathews, managing director at Vista Credit Partners, a division of Vista Equity Partners, in the news release.
Elsewhere in the hospitality sector, PYMNTS wrote recently about the changing face of payment methods in the industry. As consumers and employees express their frustrations with outmoded systems, employing real-time payment solutions could transform the travel/hospitality space.
“A shift is underway, as 74% of travelers said they regard digital wallets as essential to their experience, specifically pronounced among affluent and millennial travelers, with use rates at 83% and 82%, respectively,” PYMNTS wrote.
“Customers using digital wallets spend an average of $44 per visit at restaurants, more than the $33 spent by those using traditional payment methods. This trend reflects a broader consumer preference for seamless, efficient payment solutions that enhance the overall travel experience.”
The demand for instant tip payments in the hospitality sector shows another layer of this evolution, with close to 82% of hospitality workers expressing a strong preference for receiving tips instantly, and 85% of those employees who already benefit from such systems reporting high satisfaction.
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