Endacott joins the Board of CorporatePay’s new venture, MyTravelCash

June 4 , 2009.
Steve Endacott the entrepreneur behind travel start-ups such as On Holiday Group, Holiday Taxis and Click with Technology has joined the Board of CorporatePay’s new venture, MyTravelCash, as a Non-Executive Director. The MyTravelCash Card is a prepaid MasterCard® available in Euros and US Dollars.

MyTravelCash is backed by active venture investors, Blenheim Chalcot and uses the infrastructure of CorporatePay a prepaid card provider offering a range of inbound and outbound travel currency solutions for business and individual users. The new venture aims to become the market leader in the provision of foreign exchange services to the rapidly expanding online travel community.

Steve Endacott comments, “Given my previous experience in running Going Places during my time at MyTravel, I am well aware of the opportunity provided by Foreign Exchange. The complexity of handling physical cash, combined with the logistical problems in delivering cash to customers, initially led me to rule it out as an option for On Holiday Group’s online business model. However the development of the prepaid FX card sector, which I have been monitoring closely, captured my interest”

Endacott explained how On Holiday Group had recently held a full tendering process for FX services where it looked at all the leading players’ offerings. It found that beyond sales and marketing CorporatePay offered a flexible technology platform and a real understanding of the travel industry which On Holiday Group expects from a business partner.

MyTravelCash, although a new player, has built its technology platform itself and was willing to listen to On Holiday Group’s suggestions and provide a solution specifically tailored to its combination of trade, online and call centre based fulfilment channels. It also offered a “Net” pricing model, which allowed On Holiday Group to manage the yield it made on transactions so that it could guarantee that it was always competitive in the highly lucrative FX sector.

Endacott having worked closely with the MyTravelCash management team was approached to be a Non Executive Director to help grow the project within the travel trade.

Commenting Endacott said, “I liked the business so much that I tried to buy it, but unfortunately they did not want to sell!!” Becoming a Non Executive Director allows me to input into the direction of the business and shape the development of what will undoubtedly become a substantial income source for the On Holiday Group”

Myles Stephenson, CEO CorporatePay commented, “It is fantastic to have Steve involved in our venture to provide first class travel industry knowledge and experience as well as delivering unique market access for the distribution of our MyTravelCash product”.

The On Holiday Group is in the process of incorporating prepaid FX cards into its customer contact strategy and intends to start signing customers up from the middle of June.