RatePunk
About the Company
RatePunk is a travel-tech startup that provides a browser extension designed to help users find the cheapest hotel prices across various online travel agencies (OTAs). The extension is compatible with the five major browsers: Chrome, Safari, Firefox, Opera, and Edge. The extension is free to use and provides real-time price comparisons for hotels, helping users save on accommodations and focus more on enjoying their vacations. RatePunk is unique because it connects nine major OTAs, allowing users to compare options without manually checking multiple websites.
The company is designed to cater to all types of travelers, from those planning a single annual vacation to frequent flyers. By offering price comparisons in seconds, RatePunk has made a name for itself as a useful tool for anyone looking to save on hotel bookings. The browser extension fills a gap in the travel market by providing a simple and accessible tool to help users find the best hotel deals available.
Idea Behind Company
The inspiration for RatePunk came from Justinas Albertynas' frustrations with booking accommodations during his travels. After frequently comparing hotel prices across different booking platforms manually, he realized there was an opportunity to automate the process. Drawing on his background in journalism and travel writing, Justinas, along with his co-founder and school friend, Janis Možeiko, decided to explore the travel-tech industry. They both had a passion for travel and wanted to create something innovative that could simplify the booking experience for frequent travelers.
After researching the market and discovering that previous price comparison tools for hotels had either been acquired or shut down, they recognized a gap they could fill. This realization led to the development of RatePunk. The idea was to create a browser extension that would streamline the hotel price comparison process, making it easier for travelers to find the best deals without spending excessive time searching different booking websites.
Creating the Company
Justinas and Janis started RatePunk with a small team of five people: themselves, a designer, a developer, and a marketer. Their early products were improvements on existing services, but RatePunk was their first original idea. They financed the project using revenue from their previous ventures and invested heavily in designing and developing the extension. The initial designs for RatePunk went through multiple iterations, with the team finally settling on a clean, white interface.
One of the biggest challenges during the creation process was dealing with the complexities of different hotel providers, which included variations in taxes, pricing, and internationalization. The team had to account for these differences to ensure that their extension would work effectively across multiple platforms. They also faced obstacles during the approval process for different browser stores, with each store having its own review timelines and requirements.
Launching the Business
The launch of RatePunk was straightforward and somewhat unconventional. Instead of spending time on extensive marketing strategies, they simply released the extension when it was ready. In the first two months, they gained 390 installs organically, with no marketing budget. However, the team realized they needed to invest in marketing to grow faster. They began testing different marketing strategies and started seeing rapid growth after a few months. Influencer collaborations on social media helped boost the number of installs significantly, with RatePunk reaching a rate of 1,000 installs per week.
Social media marketing became a key strategy for RatePunk, with the team actively engaging on platforms like Instagram, TikTok, and Twitter. They also experimented with Facebook groups and influencer partnerships, which led to increased visibility and more installs. The company’s marketing efforts continue to evolve, with a focus on trying out new strategies and discarding those that don’t perform well.
Earnings
RatePunk generates revenue through affiliate partnerships with major travel booking platforms, including Booking.com, Trip.com, and Agoda. While the income from these partnerships is still growing, it has proven the company’s business model and the effectiveness of its product. RatePunk’s focus is on expanding these partnerships and building a steady revenue stream as they continue to grow their user base.
In addition to affiliate revenue, RatePunk runs ads on platforms like Facebook and has tested advertising on TikTok. The team continues to experiment with different marketing channels to increase traffic and installations. While the desktop-only limitation of browser extensions presents some challenges, RatePunk is developing a mobile version to tap into a larger audience.
