When thinking of a holiday, Australian FinTech Troovo is unlikely to feature in your daydreams of cocktails and warm beaches.
But the Sydney-based company could soon be a key part of booking that holiday with its unique robotic computer software set to shake up the virtual payments space.
Troovo’s software is a robotic, computerised process to generate one-time use virtual credit cards as part of a travel booking, reducing the need for human input and helping eliminate opportunities for fraud. With billions of credit card transactions entered by the travel industry every year, the software offers significant opportunities for efficiencies.
“A patent gives us a significant advantage because this is a greenfield space – no one else is offering a robotic solution." - Kurt Knackstedt
“We’ve spent a lot of time working with credit card companies and haven’t found a single solution that enables the generation of virtual cards or payments that doesn’t have a human component other than ours,” says Troovo Chief Executive and co-founder Kurt Knackstedt.
Troovo has worked with Griffith Hack to patent its robot software that enables the generation of virtual credit cards without human input.
“A patent gives us a significant advantage because this is a greenfield space – no one else is offering a robotic solution,” Kurt says.
Griffith Hack patent attorney Robyn Heard says Troovo’s technology is a step change in integration of various proprietary systems for travel booking and payments.
“IP protection is important for Troovo as their technology has the potential to become an industry-wide platform integrating incumbent systems of an established industry,” she says.
Kurt says a patent is a “huge” asset for the company that does more than protect its intellectual property.
“A patent helps us attract investment, validates our technology and sets us apart in a crowded FinTech space.”
Troovo was the winner of the 2017 Web in Travel Start Up of the Year competition; a finalist at the FinTech Australia Association’s 2018 Finnie Awards in the Excellence in Payments category; and a finalist in the 2018 FinTech Business Awards for Payments.