Fintech Vantage: TicketCo

Creating the new global standard for event payments

The vision for the ticket company TicketCo can be summarised in four words: Event Payments Made Easy, aiming to make ticket buying easier for organisers and the general public. Hear from Carl-Erik Moberg, TicketCo’s Co-Founder and Chief Sales Officer on what makes their proposition different.

Tell us more about TicketCo, including what makes your company and your vision unique?

When it comes to receiving payments the event industry sector has been slow to catch on. Both organisers and their customers suffer from fragmented and time-consuming processes like ticket printing and clunky verification equipment. The industry is overripe for a tech revolution and TicketCo is ready to deliver. Driven by firsthand organiser feedback and actual customer driven product development, TicketCo are creating the new global standard for all event payments. The key to this is our unified platform that processes efficient, fast and safe payments, bolstered by our firm belief that event payments should be easy.

How has TicketCo’s success in the Nordic region led to your recent launch in the UK and are there notable differences in the way the two markets operate?

Starting in the Nordics was perfect as this market readily adopts new technology. The Nordic FinTech ethos has enabled us to collect important insights, and feedback, since TicketCo’s inception. These insights have pushed us to continuously evolve the product, readying it for the international market. It was crucial to be strong in the home market before launching overseas. Success in the home market will pave the way, and partly fund new markets. This was why reaching success in the Nordics before our UK expansion was paramount. TicketCo are innovators and we hope our technical revolution will be the catalyst for a new global standard.

There are noticeable differences between the country markets creating both challenges and opportunities, these are;

  • Tougher competition in the ticketing segment, but no competition on the complete payment segment. This means that the price competition on parts of the product is stiff.
  • A significantly much larger market overall.
  • Success in the home market does not mean immediate success in the new market. Potential clients still need to buy into the product, team and company. This takes a little longer in a new market than in an established market.

What is a recent development or an upcoming development that TicketCo considers to be a critical change in the events landscape and the way ticketing operates? And why?

There are social trend patterns and technological developments that are rapidly changing our society. These are critical for the event industry and will have to be considered by every serious industry player, such as the increase in smartphone penetration, future 5G coverage, millennials adapting to new technology faster than ever, as well as all the new payment methods that become available.

At TicketCo we embrace all these changes as our product is adaptable to them. We’re using Adyen for online payments and iZettle for on-site payments and by using these services it will always allow us to deliver the latest payment technology to our clients.

Are there any key trends and/or technologies that you feel will be game changers in 2018 within and across the events & ticketing sector? And why?

We truly believe that ticketing is dead. At TicketCo we also believe that cashless as we see it today is dead. You would never buy a car in bits and pieces, neither should an event organiser when setting up sales. We believe TicketCo will drive change for a whole industry.

From the audience and fans point of view – when you go to a festival or a football match, why is there a different set of rules for every payment? If you buy a ticket there is one method of payment. If you want a beer you will have to queue up and start a new transaction. If you buy merchandise there is another process… and can you use your contactless card? Can you use your Apple Pay account? You would never enter the supermarket and pay the bread with cash, the milk with contactless card and then the parking ticket online. The experience is all about payments.

Why will you succeed?

There’s lots of great brainpower out there looking for industries to disrupt to gain a positive outcome by improving the way things are done. The TicketCo story started the other way around. When we initiated what is now a powerful unified sales platform for efficient event payments, our goal was simply to create the sales tool that we were missing as organisers. A car manufacturer once described their cars as built from the inside and out, unlike any other car which they described as built from the outside and in. The same goes for TicketCo. We haven’t had any outside considerations to take into account along the way, like heavy investments in outdated tech or likewise. We had the privilege of starting from scratch. With first hand industry knowledge, our only two concerns have been the comfort of the organisers and their customers. Today we have an undisputed lead to our competitors when it comes to the product we are offering. We need to maintain this lead, and we will do so through constant product development. At the same time we need use this lead to increase our market share and enter new markets.

What should we look out for this year for TicketCo and are there any exciting plans on the horizon?

First of all, we will continue signing agreements with some of the biggest players in the world’s toughest market. Nothing new there! But at the same time we will work extremely hard to make it easier for organisers to get paid, and make it easier and more convenient for the audience and fans to purchase. All organisers are heroes and life would be very boring without them. We want to let TicketCo solve their pains when it comes to payments so they can focus on their core business; to create amazing events and experiences for millions of people.

Creating a global standard is hard, but we have the tools and the courage to do so. The TicketCo story so far speaks for itself and there is no reason why the adventure should stop now. Nordics were first, then the UK, then new markets in Europe before we look at an even bigger market.

What is one pearl of wisdom you would share with other companies seeking to expand beyond the Nordic region?

Be in a strong position on all levels in your home market before you expand abroad. Things take longer and are more expensive than you first think.

 


About the Author:

Carl-Erik Moberg is the Co-Founder and Chief Sales Officer for TicketCo. He started his professional career in the event industry as a teenager, organising private parties in his own home. From there he went on to organising student cruises between Newcastle and his home town Bergen, renting a cruise ship and filling it with 1,200 students. Through this he was recruited by Kaare Bottolfsen for the position as marketing manager in the restaurant group KJS. Carl-Erik has a bachelor degree in marketing, and has also studied financial management. He founded TicketCo in 2011 along with Kaare Bottolfsen.

More about FinTech Vantage:

This post is part of the FinTech Vantage series by KAE that provides a fresh perspective and hears first-hand from various players across the FinTech ecosystem.

KAE will be posting a number of interviews with FinTechs that share their candid viewpoints and to really get under the skin of the FinTech world.

If you would like to share your views and participate in the FinTech Vantage series, feel free to reach out to us at FinTech@kae.com