Refund.me Brings its Air Travel Compensation Service to Businesses

Refundme_homepage_April2016b

With Business Solutions, refund.me is extending its air travel compensation service to the enterprise.

New European Union laws mandate compensation for air passengers who experience flight cancellations, delays, and overbookings. Refund.me automatically analyzes and processes flight compensation claims which, for businesses that have employees traveling in Europe, helps companies both save money as well as recoup costs.

“By outsourcing the claims process to refund.me, companies avoid the costs of internal legal and administrative teams necessary to analyze and process complex flight data and compensation claims,” explained Eve Büchner, refund.me’s CEO and founder.

Read more about refund.me in our recent profile of the Palo Alto, California-based company.

refundme_b2b_homepage

refund.me Business Solutions is a new, B2B, web portal that exists next to the company’s consumer flight compensation website. Business Solutions is geared toward travel management companies, corporate travel managers, and consolidators, and can be customized to match specific corporate travel policies and practices. Refund.me estimates that 11 million air passengers a year are eligible for more than 5 billion euros in compensation for flight cancellations and other disruptions.

Founded in 2012 and headquartered in Palo Alto, California, refund.me can be seen demonstrating its Flight Compensation service at FinovateEurope 2016. It acquired Travel Notes earlier this month for an undisclosed sum. Refund.me serves air travelers in 145 countries filing claims against more than 350 airlines, and claims a success rate of 98% in securing compensation.

Finovate Alumni News

On Finovate.com

  • “Aire Receives Funding from Accion Venture Lab”
  • “Refund.me Brings its Air Travel Compensation Service to Business”
  • “Credit Sesame Launches SnapLoan, The Amazon One-Click for Consumer Loans”

On FinDEVr.com

  • “Envestnet | Yodlee Unveils its Risk Insight API”

Around the web

  • Global Debt Registry announces plans to bring loan-validation technology to marketplace lending industry.
  • CryptoCoinNews takes a look at recent funding for Stratumn, a blockchain development platform.
  • P2Binvestor teams up with independent adviser, MW Eaglewood Americas.
  • Locavesting profiles StreetShares, which in mid-May will begin lending to small businesses.
  • Crowdfund Insider interviews Cloud Lending CEO Snehal Fulzele.
  • Cachet Financial and Ingo Money renew partnership.
  • Ripple adds former HSBC payments executive and SWIFT board member, Marcus Treacher, as its new global head of strategic accounts.
  • LendKey announces it has underwritten, originated, and deployed more than $1 billion in capital to borrowers.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Debuts: Refund.me Helps Banks Improve the Travel Experience for Cardholders

Refundme_homepage_April2016

Have a cancelled or delayed flight while traveling through Europe? The good news is that air passengers in Europe are covered by an EU regulation that mandates compensation from the airline for passengers whose flights are delayed or cancelled.

The problem is that securing this compensation often feels like more trouble than it’s worth. And that’s where refund.me comes in.

Refund.me is a global air-passenger-rights service provider. Its white-label solution analyzes cardholder data for airline ticket transactions, extracts itinerary data, and then automatically notifies passengers when a flight has been delayed, cancelled, or overbooked. Refund.me lets passengers know if they are eligible for compensation and then helps process and secure the funds from the airline.

And this week, refund.me announced that it had acquired fellow alum, Travel Notes, a company that built an app that extracts itinerary information from credit and debit cards to avoid denials when traveling abroad. Terms of the deal were not disclosed. Travel Notes was founded by Hudson Chilton, currently the chief business development officer for refund.me, and debuted its technology at FinovateFall 2015.

Company facts:

  • Founded in 2012
  • Headquartered in Palo Alto, California
  • Received refund.me claims from customers in more than 140 countries, using more than 350 airlines, in more than 450 airports
  • Eve Buechner is CEO
  • Average compensation time of 100 days

Talking about the technology during his Finovate demonstration, Chilton explained that the goal is to help banks improve their cardholders’ travel experiences. By integrating refund.me’s solution into their credit and debit cards, banks can “turn an inconvenient, stressful situation into a moment of joy” by putting the bank in the role of “the hero.”

Refundme_stage_FEU2016

Pictured: Refund.me Chief Business Development Officer Hudson Chilton demonstrated his platform’s Flight Compensation service at FinovateEurope 2016 in London.

“You’re able to become the hero because there are laws in the European Union that require the airlines to pay you compensation if your flights are delayed, cancelled, or overbooked,” Chilton said. “There is between $5 and $10 billion in unclaimed funds every year that should be going back into your cardholders’ wallets.”

At FinovateEurope 2016, Chilton demonstrated two of the company’s products: a white-label European Union Flight Compensation offering and a Refund.me Retroactive program. The latter reviews historic flight data going back three years for potentially delayed, cancelled, or overbooked flights for which cardholders may be eligible for compensation. Refund.me Retroactive also provides banks with data such as the overall amount of compensation available to their cardholders and the routes and names of airports with the most frequent delays.

——–

HudsonChilton_RefundmeWe spoke with Chilton briefly on rehearsal day at FinovateEurope, then followed up a few weeks later with a few questions by e-mail.

Finovate: What problem does refund.me solve?

Hudson Chilton: refund.me helps financial institutions strengthen the features and benefits of their cards by putting money back in the pockets of cardholders who have been impacted by a delayed, canceled, or overbooked airline flight. Whenever a cardholder purchases an airline ticket with their financial institution’s card, refund.me helps them secure compensation from their airline for delayed, canceled, or overbooked flight.

image010Finovate: Who are your primary customers?

Chilton: Our customer base includes large financial institutions in the United States, along with travel management companies, large corporations, and individual customers from 145 countries across five continents, filing claims against more than 350 airlines.

Finovate: How does your technology solve the problem better?

Chilton: Our white-label solution for financial institutions helps banks truly differentiate their credit/debit card offering to their cardholders. A partnership with refund.me gives your cardholders a reason to purchase their airline flights on your card, not the other cards in their wallet. When they book their flights using your financial institution’s card, they will have peace-of-mind knowing they can quickly and easily secure compensation from their airline for a delayed, canceled, or overbooked flight.

Finovate: What in your background gave you the confidence to tackle this challenge?

Chilton: Providing our refund.me compensation-solution to financial institutions is a natural progression from our prior experience in both the financial industry and travel industry. refund.me was established in 2012 and has been helping clients from 145 countries across five continents, filing claims against more than 350 airlines. In 2014, the Financial Times praised refund.me as a “legal industry pioneer” in its Innovative Lawyers Report.

——–

Check out the video from refund.me’s FinovateEurope 2016 demo.