Travel app Hopper predicts $10 billion valuation at IPO
Canadian travel app Hopper prepares for public listing
Montreal-based Hopper Inc., one of Canada’s largest private tech firms, is preparing for a public listing, with CEO Frederic Lalonde projecting a valuation of up to $10 billion.
Hopper specializes in price prediction for flights, hotels, and car rentals, analysing trillions of data points to help users secure the best deals. With its focus on advanced algorithms and user-friendly features, Hopper is now among the most downloaded travel apps in North America, reports Bloomberg.
B2B Expansion Fuels Growth
In addition to its consumer-focused services, Hopper has expanded into the business-to-business (B2B) market. Its data and artificial intelligence capabilities power travel-booking platforms for major corporations like Capital One Financial Corp. This diversification has allowed Hopper to grow its revenue streams beyond consumer bookings.
Shahir Guindi, a longtime adviser to CEO Lalonde, has compared Hopper to Shopify Inc., another Canadian tech success story. Shopify went public in 2015 with a $1.3 billion valuation and has since grown to be worth roughly $130 billion. Guindi emphasized Hopper’s strong position, noting, “Hopper already is the next Shopify—except it’s not public yet.”
Adapting to Challenges and Leveraging Data
Hopper’s journey has not been without obstacles. The COVID-19 pandemic posed a significant threat to the company, with the global travel industry grinding to a halt. Lalonde described it as an “unbelievable mess,” but Hopper used the period to strengthen its business. The company developed new offerings, such as "cancel for any reason" travel insurance, and leveraged its vast datasets to better manage risk.
Now employing approximately 650 remote workers globally, Hopper has turned its data-driven algorithms into a powerful competitive advantage. It generates revenue through commissions on travel bookings, price guarantees, and its partnerships with companies like Capital One and Sumitomo Mitsui Card Co.
As Hopper gears up for its public listing, its innovative use of AI, robust data infrastructure, and diversified revenue streams position it as a rising star in the tech and travel sectors. If Lalonde’s vision holds true, Hopper could follow in Shopify’s footsteps, cementing itself as a Canadian technology leader on the global stage.
Additionally, GCash, the leading fintech firm in the Philippines, is gearing up for a potential initial public offering (IPO) worth up to $1.5 billion, which would mark the country’s largest ever stock offering, according to multiple sources familiar with the matter.
