Voxel financials exceeds €18M with promising 2024 figures

Biggest turnover in its 25-year history

Payments and electronic invoicing solutions company Voxel has revealed it has grown by more than 20% for the second consecutive year.

The group, which also includes Voxel Caribe for the Dominican Republic market, closed 2023 with a turnover of more than €18 million, the best result in its 25-year history.

The company, which leads the travel sector and Horeca channel, consolidated a growth of 22%, compared to 14.8 million in 2022. It’s expected to turnover €23 million in 2024.

Voxel Caribe has also expanded its leadership and improved its financial results, growing by 40% and entering new sectors and leading banking, retail and insurance companies.

Àngel Garrido, CEO of Voxel, said: “On the one hand, we have achieved the goal we set at the start of 2023, and on the other, we have established our B2B payment solution, Bavel Pay, as one of our growth vectors.”

It is the first Payment Manager in the industry that, decoupled from the reservations channel, optimises and streamlines the payment process between companies in the travel sector.

Some of the companies that use its solution Bavel Pay include Hotelbeds, Webbeds, World2Meet, Prime travel, Travel Trade Group, Viajabien Group and Patterson.

Voxel improved Bavel Pay's smart decision engine and introduced new payment methods with Pliant, Terrapay and Currency Cloud, thanks to the expansion of the partner ecosystem that currently includes 21 companies.

Voxel says it continues to opt for innovation, while maintaining and expanding partnerships with strategic technological partners in the travel industry.

Garrido added: “We are the only company that can process invoices and payments in one platform, thus allowing us to continue evolving and working on new solutions that can offer more services around payments and invoices that add value to these transactions for agencies and hotels in the B2B area.”

The company has already expanded its portfolio of hotel clients with renowned companies such as Hyatt Inclusive Collection and Grupo Lomas, among others.

Billback, its product developed with Booking.com to resolve a chronic problem in the industry was a hit in 2023 with the likes of Hotelbeds adopting it.

It allows companies to automate the recovery of invoices for travel service companies, allowing VAT to be offset.

This will become one of the firm’s growth pillars in 2024, “thanks to these early adopters, the Billback solution has cemented its position in the industry.”

A busy year with other developments in the Horeca channel, for the company saw it expand its partner ecosystem and its market share by adding new clients to its portfolio.

“We are adding new features to the Bavel Procurement solution, so continuing to work on the Horeca channel is key for Voxel,” said Garrido.

The Spanish-based company means the Royal Decree regulating the use of mandatory electronic invoicing between companies in Spain under the government’s Law "Crea y Crece" (Create and Grow), which is expected to be published in the first quarter of 2024, is important to Voxel’s work.

Garrido confirmed that Voxel is “following the road map to provide a service for companies in the sector looking to take advantage of the opportunity to optimize processes and reduce costs.”

It has also promoted the Manifesto for Fair Implementation of the Law on Electronic Invoicing in the travel and Horeca sector, which aims to obtain the industry's consensus on this royal decree and ensure that the specifications and diversity of needs within these sectors are taken into account.

In addition to Spanish legislation, the company also complies with legal requirements for electronic invoicing in all countries in which it operates and monitors legislative changes related to this matter around the world. 

The countries that have already begun the process of regulating the use of mandatory electronic invoicing between companies are France, Poland and Romania.