Fly Now Pay Later, a UK alternative payments provider, raised a further £10m ($14m) in Series A funding bringing its total to £45m ($62m).
The round was co-led by asset management firms Revenio Capital and Taurus Wealth Advisors.
The company intends to use the funds to launch US and grow UK and German operations.
Founded by CEO Jasper Dykes (32), Fly Now Pay Later is a fintech company providing an alternative payments solution exclusively for the travel sector. This enables customers to spread the cost of a trip over up to 12 monthly installments by partnering with travel merchants or directly to consumers through its Anywhere app.
Hundreds of travel companies use it to offer finance (from as little as 0% APR) to holidaymakers, who can make repayments in affordable scheduled installments. Its merchant partnerships range from SME travel operators to leading operators like Malaysian Airlines, Lastminute.com and TravelUp.
Defying the downturn in the travel industry, a fintech offering consumers a new and more flexible way to finance travel in a post covid-19 world has raised a further £10m ($14m) in Series A funding, bringing its total to £45m ($62m).
Leisure domestic travel in the United States has been less impacted than Europe, with continued interstate flights operating at around “75 percent of pre-pandemic levels” during peak holiday season, according to Dykes.
With online US commercial aviation spend over $100 billion annually, (Statista), Fly Now Pay Later will use the new investment to build out and scale its operational footprint in the world’s largest travel market.
The alternative travel payments firm has capitalised on the market opportunity to consolidate its leading position in the UK and expand its merchant base, as travel brands seek to up their e-commerce and digital payments game to drive sales post market recovery.
Fly Now Pay Later is aiming to create over $1B of enterprise value within the next 18 months, driven by the success of its direct to consumer app, checkout integrated solution and the rapidly expanding Buy Now Pay Later sector.
Launched in late 2015, Fly Now Pay Later has currently employs 70 staff in the UK and is aiming to support each market over the next year in line with customer demand and as travel restrictions ease.
It can be used to book flights, hotels, package holidays, car hire and more and offers frictionless payment options to support businesses and the end consumer.
