GLOBAL

Klook Technology Limited (Klook): A Strategic IPO Play with Loyalty at Its Core and growing competitor to Booking.com and Tripadvisor

Klook’s upcoming IPO highlights the rise of Asia’s travel-experience economy and showcases how loyalty programs like Klook Rewards are becoming strategic differentiators that other OTAs such as Booking.com and TripAdvisor can no longer afford to ignore.

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GLO

There’s a strong reason why travel-technology watchers are paying close attention to Klook Technology’s impending U.S. IPO: the Hong Kong / Singapore-based company is staking a bold claim in the global “experiences” economy, and is building loyalty and rewards infrastructure that may set it apart — or at least force competitors to react.

Company snapshot & IPO rationale

Founded in 2014 by Ethan Lin (CEO) and Eric Gnock Fah (President) and backed by major investors including SoftBank Group, Klook bids to be a leading platform for booking travel activities, tours, attractions, local transport and related services — especially across Asia-Pacific (APAC). 

In November 2025 the company filed a registration statement with the U.S. Securities and Exchange Commission (‘Form F-1’) seeking to list American Depositary Shares (ADSs) on the New York Stock Exchange under ticker “KLK”. 

Key metrics from the filing:

• Revenue in 2024 rose ~24.4 % to US$417.1 m (from US$335.2 m in 2023). For the nine months ended 30 Sept 2025 revenue was US$407.4 m, with a net loss of US$141.5 m (compared with US$85.7 m loss in the prior period).

• The IPO seeks to raise in the ballpark of US$300–500 million. 

From a strategic view: Klook is at a juncture where the global travel-recovering trend is intact (the World Travel & Tourism Council expects travel to account for ~US$11.7 trillion by 2025) and Klook’s focus on experiences (rather than just flights/hotels) gives it a differentiated position.

The loyalty and rewards angle: Klook Rewards

What’s particularly interesting from a business model and differentiation standpoint is Klook’s loyalty/rewards programme — called Klook Rewards.
Here are the key details:

Structure & benefits

• The programme is free to join: when you create a Klook account you automatically enter the “Explorer” tier. 

• Tiers: Explorer → Gold → Platinum.

• Explorer tier: you receive a welcome gift (for example a free eSIM coupon) and begin accumulating “KlookCash” on bookings. 

• Gold tier threshold: spend ~US$500 in a year to unlock; benefits include: coupons (≈ US$20 welcome pack), free eSIMs, access to member-only rates, and 3× more KlookCash than Explorer. 

• Platinum tier: after Gold status, spend additional ~US$1,500 in a year to qualify. Benefits include higher coupon values (≈ US$60), more free eSIMs, VIP support, member-only rates persist. 

• KlookCash: loyalty credits convertible at a rate of 100 KlookCash = US$1 (variable), with earnings “up to ~5 % of booking value” in some cases. 

• Partnerships: e.g., in the UK, Klook is a participating retailer with the Virgin Atlantic Flying Club via “Shops Away” so you can earn Virgin Points when using Klook. 

Why it matters

• It gives Klook a tool for repeat engagement: in a marketplace of travel experiences (which can be very one-off / ad hoc bookings), having a loyalty programme helps build “stickiness”.

• It allows differentiation: many pure activities/attractions marketplaces don’t have tiered loyalty programmes with meaningful perks — Klook’s approach raises the stakes. For example one user review said:

“Klook gives you a small rebate in the form of points on each booking… over a long trip it might pay for a nice meal.” 

• It supports data and segmentation: by offering tiered status, Klook can identify its more frequent travellers (Gold/Platinum), nurture them, cross-sell higher value services (e.g., hotels, transport) and personalise offers.

• It potentially creates a moat: if travellers know they will earn credits and unlock perks via repeat use of Klook, that raises the barrier slightly to switch to another provider.

However — there are caveats:

• The earning % (up to ~5 %) and absolute redemption value may be modest unless the user does frequent bookings.

• The thresholds to reach Gold / Platinum are significant (US$500, US$1,500 etc) which means only higher‐frequency bookers will fully benefit.

• As always with loyalty programmes, execution matters (ease of redemption, transparency of terms, global consistency).

Implications for Klook’s IPO and business outlook

Klook’s IPO is not just about raising capital but signalling market positioning. The loyalty layer enhances its value narrative: a marketplace, yes — but one with a user-engagement engine behind it. Some implications to watch:

• Growth vs profitability trade-off: Despite compelling revenue growth (~24 % in 2024), Klook remains unprofitable. Investors will closely monitor how loyalty and repeat bookings contribute to improving unit economics (customer acquisition cost, lifetime value).

• Global scaling: Much of Klook’s strength is in APAC; the IPO gives it capital to expand into new geographies, ramp up marketing, expand inventory. Loyalty strategy may help global-users adoption if they see value beyond one-time bookings.

• Competitive positioning: By offering loyalty tiers and credits, Klook positions itself not merely as a transaction platform but a travel “ecosystem” for experiences. That may elevate its valuation premium if investors believe repeat usage can ramp.

• Acquisition pathway: The IPO filing explicitly mentions use of proceeds for strategic acquisitions/investments. Loyalty can be a lever to integrate other travel services (mobility, transport, experiences) and bundle them, increasing wallet share per customer. 

What this means for other OTAs and travel platforms (e.g., Booking.com, TripAdvisor, Expedia Group)

The Klook IPO and the embedded loyalty/reward angle will likely reverberate across the travel-tech ecosystem, and here are key take-aways for other online travel agencies (OTAs) and platforms:

1. Loyalty is becoming more central even for experiences/activities
Until recently many OTAs focused loyalty on flights and hotels; experiences/tours were more ad hoc. Klook’s structured programme demonstrates that experiences can be bundled into loyalty journeys. Other players may need to ramp up loyalty functionalities for experiences to stay competitive.

2. Cross-sell and bundling become powerful
By offering hotel, transport, e-SIM, tours, activities and tying them into a loyalty programme, Klook is pushing for higher wallet share per traveller. OTAs like Booking.com and Expedia, which have deep hotel/flight book-bases, may need to deepen experiences offering + loyalty tie-in to drive incremental value beyond commodity bookings.

3. Differentiation via tier status can matter
Simple “points per booking” schemes may not cut it. Klook’s tiered status (Explorer/Gold/Platinum) with meaningful perks (free e-SIMs, exclusive rates, VIP support) indicates that travel platforms must offer more than just points to meaningfully engage repeat users. Competitors should evaluate whether their loyalty tiers are enticing enough.

4. Data-driven repeat customer segments will matter more
Travel platforms that can identify frequent users (and deliver them differentiated benefits) will have an advantage. Klook’s loyalty scheme gives it a mechanism to recognise and reward high-value users. Other OTAs should ensure their platforms can segment users, personalise offers, and integrate loyalty data across experiences.

5. Invest in experiences inventory and user-engagement mechanics
Loyalty is only as strong as the ability to earn and redeem points. For Klook, the ability to offer 310,000+ experiences across ~4,200 destinations (per its IPO prospectus) gives operational depth. iposcoop.com+1 Other OTAs should consider whether their inventories and mechanics support a meaningful loyalty loop for experiences.

6. Pressure on margins and economics
Loyalty programmes cost: credits given back, promotional coupons, tier-benefit cost. OTAs must ensure that the incremental lifetime value from loyalty users outweighs the cost of these perks. Klook will be watched for how quickly loyalty translates into better margins; others must likewise tread carefully.

Key take-aways

• Klook’s IPO underscores the growing importance of the travel experiences segment (beyond flights/hotels), and its embedded loyalty programme gives it a strategic differentiator.

• The loyalty scheme (Klook Rewards) is well-designed: free to join, tiered, cross-product, and with meaningful perks for frequent users — indicating loyalty is no longer optional but a core component for experience-based travel platforms.

• For competitors, the message is clear: if you are an OTA or travel-tech platform and you’re not doubling down on loyalty and experiences, you may fall behind. Bundling, repeated engagement, and differentiated perks are increasingly table stakes.

• On the flip side, the loyalty strategy comes with risk: unless the economics improve (higher repeat bookings, higher margin per booking, lower acquisition cost), loyalty can become a cost centre rather than value driver. Klook’s path to profitability remains under scrutiny.

• Finally, for investors or industry watchers, Klook’s IPO provides a case study: how a regional player can scale globally, raise capital, and use loyalty as a growth lever — the success (or challenges) will resonate across the travel-tech sector.

Klook isn’t just listing itself — it’s signalling that the travel + experiences market is maturing, and that loyalty and rewards are no longer add-ons but strategic imperatives. Other OTAs would do well to take note — before travellers gravitate to platforms where their bookings earn something, not just consume a service.

Source: Klook / GLO