PKFARE travel marketplace raises 10m yuan in financing

PKFARE, an innovative global travel B2B marketplace targeting air tickets, announced on Monday night that it has raised over 10 million yuan ($1.6 million) in its latest round of financing, in a bid to integrate its travel resources with big data and AI technology.

Funds raised will be used to enhance the company's employment of big data to offer more people-friendly services to consumers.

The big data system of PKFARE's online platform collects and analyses users' search results and reservation records to predict tourists' demands and trends in the market. This will guide the company to determine product prices and product mix, as well as its global distribution channel. Furthermore, its big data system also helps airline companies design better routes.

The new round of fundraising comes from the Civil Aviation Investment Fund, Caissa Tourism Group and Cheung Kong Graduate School of Business (CKGSB) Chuang Fund.

"The reason why we invest in PKFARE is that we lay emphasis on projects related to big data application. The company takes advantage of big data to integrate superior resources around the globe, offering an overall solution for travel agencies. We are confident that the company will take a lead in helping the tourism industry break trade barriers and create a new supply and demand ecology," said Gao Jianming, general manager of Civil Aviation Investment Fund.

In addition, the Shenzhen-headquartered company signed a strategic partnership with Beijing Zhongguancun Bank Co Ltd, launching a financial product for the travel industry. The product will offer assistance for small and medium-sized travel enterprises to obtain bank loans, boosting development of the nation's travel industry.

"We offer travel resources and distribution channels for small and medium-sized travel companies, while Beijing Zhongguancun Bank provides financial support and innovative AI-enabled risk control capabilities, creating a Internet Plus finance business model for China's travel industry," Sui Xin, co-founder and senior vice-president of PKFARE, said.