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eNett - Fastest-Growing Company of the Year

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Company: eNett, headquartered Singapore
Entry Submitted By: Brands2Life
Company Description: eNett International is a hyper-growth company with big ambitions. eNett pioneered innovative B2B payment solutions, and its secure Virtual Account Numbers (VANs) enable travel agencies of all sizes to automatically generate a unique Mastercard number and pay their suppliers from directly within their booking flow.
Nomination Category: Company / Organization Categories
Nomination Sub Category: Fastest-Growing Company of the Year - in Asia, Australia and New Zealand

Nomination Title: eNett International: A hyper-growth company with big ambitions.

Tell the story about the growth of this nominated organization since 1 January 2016 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Begin this section with the following two lines: Year over year revenue growth (%): Year over year employee growth (%):

About eNett

-eNett International is a hyper-growth company with big ambitions.
-eNett pioneered innovative B2B payment solutions, and its secure Virtual Account Numbers (VANs) enable travel agencies of all sizes to automatically generate a unique MasterCard number and pay their suppliers from directly within their booking flow.

Changing the game

-eNett was created to solve the unique payment challenges affecting travel companies. It brought together expertise in payments and travel to establish a lasting alternative to the inefficient and outdated payment methods used by the industry. In 2009, this aim was realised through Virtual Account Numbers (VANs).

Customers fund a pay-in account, and generate virtual cards to make payments to suppliers fast, safe and easy. VANs streamline supplier payments, lowering costs and generating tangible rewards to enhance the commercial success across the industry. Since launching in 2009, eNett has processed tens of billions of dollars in payments via VANs.

A hyper-growth company

And the growth continues. In 2016, eNett saw global net https://www.travelport.com/company/media-center/press-releases/2017-02-2... increase by 64% year-on-year to US$150m. It also means its compound annual growth rate (CAGR) over the last five years is 68%.

-Growth was underpinned by expanding business with existing customers and customer wins. Key stats include:

-Onboarded over 287 new customers in 2016*;
-Gross Dollar Value (GDV) from new customers up 241%*
-Number of transacting customers increased by 31%*
-The top five customers saw an average YoY growth of 123%*
-80% of the top 20 customers set new volume records in 2016*;
-Overall share of wallet for all customers globally increased 40% over 12 months*.

eNett also expanded into new markets in 2016, including Austria where it signed major player Österreichische Verkehrsbüro. And in Japan, https://www.enett.com/axess-and-enett-partner-to-bring-virtual-account-n... partnered with one of Japan's largest providers of travel distribution products and services, AXESS, to transform the B2B travel payments landscape with VANs.

eNett expansion

eNett continues to on-board new talent in all its major hubs including Australia, UK and Singapore, increasing its headcount by 27% over the past year. This includes dedicated country managers in Japan and Spain for the first time.

In recent months, there have been two significant C-level appointments, with Bryan Lewis taking on the role of Chief Operating Officer and Edward Chandler joining the company as Chief Commercial & Partnerships Officer. Bryan will be responsible for driving operational and strategic excellence across eNett as it embarks on its next phase of growth, while Edward will be focused on understanding and meeting the needs of eNett’s customers and strategic partners.

In April 2016, eNett expanded its operations in Australia, moving into high-tech offices in Melbourne’s central business district. It also moved into bigger offices in Singapore, sharing the same building as Facebook. The need for bigger offices illustrates the journey eNett has taken from start-up to leader in B2B payment solutions.

Driving business performance

Research shows that travel agents offering more choice, and more exotic destinations, have more satisfied customers who are prepared to share their experience with others.

This is why eNett offers one of the broadest currency and local settlement offerings in the industry, eliminating the need to set-up banking arrangements in each new jurisdiction.

In March 2017, eNett added Mexican Pesos and Russian Rubles to its already broad currency suite. eNett VANs can now be generated in over 30 currencies and support transactions in over 100 currencies via a wide range of FX options designed to reduce cost – this means eNett can reduce the cost of payment for over 80% of the total global travel spend#.

Conclusion

2016 was a defining year in the history of eNett. 64% YoY revenue growth is testament to its accomplishments and reinforces its transition from challenger to industry leader. There is huge global demand for fast, easy and safe travel transactions, and eNett will continue to set the pace for innovation.

In bullet-list form, briefly summarize up to ten (10) growth-related achievements of the nominated organization since 1 January 2016 (up to 150 words).

-In 2016, eNett saw global revenue increase by a phenomenal 64% YoY to $150 million;
-eNett’s compound annual growth rate (CAGR) over the past five years is an impressive 68%;
-Onboarded over 287 new customers in 2016*;
-Gross Dollar Value (GDV) from new customers up 241%*;
-Number of transacting customers increased by 31%*;
-The top five customers saw an average YoY growth of 123%*;
-80% of the top 20 customers set new volume records in 2016*;
-Overall share of wallet for all customers globally increased 40% over 12 months*;
-Added new talent in all its major hubs including Australia, UK and Singapore, increasing its headcount by 27% over the past year;
-Office expansions in Australia and Singapore illustrates the journey eNett has taken from start-up to leader in B2B payment solutions.