Fly Now Pay Later is a fintech company that helps consumers spread the cost of their travel over a flexible duration. Recently, the London-based company has raised a further £10 million ($14 million) in Series A funding, bringing its total to £45 million ($62 million).
The round was co-led by asset management firms Revenio Capital and Taurus Wealth Advisors. As per the company press release, the funding will be used to refuel and kickstart the travel industry as green shoots emerge.
In total, the travel fintech startup has raised around £85 million funding so far.
Offer flexible way to finance travel
Founded by CEO Jasper Dykes in 2014 Fly Now Pay Later offers finance (from as little as 0% APR) to holidaymakers, who can make repayments in affordable scheduled instalments.
Its merchant partnerships range from SME travel operators to leading operators like Malaysian Airlines, Lastminute.com, and TravelUp.
Leisure domestic travel in the United States has been less impacted than Europe, with continued interstate flights operating at around “75% of pre-pandemic levels” during the peak holiday season, according to Dykes.
Investing in tech, user experience
Despite significant travel disruption in the last 12 months, Fly Now Pay Later has continued to invest in and develop its technology and user experience.
It has entered into significant new commercial partnerships including Kayak, Malaysia Airlines, and the airline payments network Universal Air Travel Plan (UATP) (EU merchants only).
Aims to create $1B of enterprise value
The UK company 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.
The alternative travel payment provider 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.
Commenting on the announcement, Jasper Dykes, CEO of Fly Now Pay Later said; “The last 12 months have been an unprecedented period for the commercial travel sector with the worst slow down ever recorded in history.
“And while we’re not out of the woods, there are glimmers of hope.
“After more than a year of being in our homes, people are itching to dust off their suitcases globally.
“The recovery of travel is likely to be gradual, but when it happens, we hope that by giving people the freedom to book a trip and pay at a pace that works for them, will help spur reservations.
“There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights.
“By removing financial boundaries, we hope to open the post-covid-19 world for travellers and reconnect people with their friends and families around the globe.
“Since launch, we have been on a mission to make travel more accessible and affordable for more people, by providing payment flexibility at the click of a button.
“Our proprietary platform has been designed to make instantaneous credit decisions – providing highly tailored and digestible payment options to consumers traditionally underserved by existing credit institutions.”
“Fly Now Pay Later has proven itself by successfully growing during one of the most turbulent events in the history of the travel sector.”
“We’re proud to support the company and its experienced management team as they continue to make life easier for travellers and merchants worldwide with their innovative and tech-enabled financial solutions,” said Kitarack Chapman, Director at Revenio Capital
“We look forward to supporting Fly Now Pay Later on their successful and high-growth journey, while we at Taurus Wealth remain actively engaged in investing in cutting edge technologies across the globe,” added Rohit Hemdev, Head of Private Markets and Chairman of Taurus Wealth Advisors, Dubai.