SEA Deal Ticker
The booking fee is dead, so Laters.com sells the fare instead: $1.5M seed, 16 markets
The Singapore platform books 650 airlines as merchant of record, earning on the fare rather than a fee. It has run monthly-profitable since February 2025 across 16 markets, with the US its largest.
Positive-sum angle: Merchant of record is the quiet unlock for a founder selling cross-border: payment-method sprawl and FX move off your roadmap and onto your margin.