Flight Centre Travel Group (FCTG) has undertaken a strategic US$5 million (A$7 million) investment in Boston-based blockchain payment company Blockskye.
Benefits of the deal for FCTG’s FCM division will include lower payment costs, less reliance on traditional payment methods such as credit cards, and the ability to provide corporate clients with real-time visibility over transactions.
FCTG corporate chief executive officer Chris Galanty said the investment reflected the group’s ongoing strategy of supporting diverse technology to deepen corporate customer relationships.
“This investment provides FCM with access to emerging payment technology that solves some of the corporate card and expense management challenges that corporate travellers typically encounter,” Galanty said.
“Once embedded in our technology suite, it has the potential to improve efficiency, reduce costs and enhance transparency for our corporate clients, [while] the structure of this investment also gives FCTG meaningful exposure to Blockskye’s commercial trajectory as it scales,” he added.
Additionally, FCM will partner with Blockskye and Kayak to target further growth opportunities in the enterprise corporate travel sector as part of the strategic agreement.
The alliance will see a new offering launched that draws on each of the business’s strengths to deliver an integrated customer payment and booking experience.
FCM will contribute its supplier network, Kayak, its direct airline marketplace, and Blockskye will contribute payment tech.
