Fly Now Pay Later raises £35 million
Fly Now Pay Later, a London-based payment provider for the travel sector, has raised £35 million in Series A round led by Revenio Capital, with participation from Shawbrook Bank and BCI Finance.
Founded in 2015, Fly Now Pay Later makes paying for trips more flexible by allowing users to spread the cost over 1-12 months. The payment solution includes flights, hotels, car rental and insurance. The company doesn’t sell directly to consumers as it relies on a B2B model via integration with travel sites, but the new funding will support the launch of its new Fly Now Pay Later app, where users can browse options for when travel restrictions are lifted.
“Few industries have been affected as significantly as tourism in the wake of COVID-19. Many companies have been affected and we are not different. This investment is a welcome boost to the sector, and provides us with adequate cash flow to help steer us through these challenging times.” – Jasper Dykes, CEO of Fly Now Pay Later.
“Fly Now Pay Later’s innovative and data-driven financial solutions are fundamentally re-aligning the interests of travelers and merchants for the better. We are excited to support the company and its experienced management team as they continue delivering their customer-oriented mission to make life easier for travelers in the UK, Europe, and further.” – Kitarack Chapman, Director at Revenio Capital.