Venture Capital: British Startup Offers Travel Jaunts on the Never-Never

‘Fly No Pay Later’ just raised $43 million in a Series A round.

British fintech startup Fly No Pay Later’s innovative and quite literally “grab your bags and go” product allows travelers to pay for their trip over up to 12 months. Once travel restrictions ease, travelers eyeing mouth-watering flight and hotel offers, therefore, have no excuse. Unsurprisingly, Fly Now Pay Later found investors out there who were willing to bet $43 million on its product for the virus-battered, given-up-for-dead travel industry. (THE FINTECH TIMES)

The startup raised the money in a combination of debt and equity. The funding was led by Revenio Capital as well as Shawbrook Bank and BCI Finance.

Fly Now Pay Later

The startup routes travel products from branded outfits such as, TravelUp, and the Moresand Group to prospective travelers. Booking options include flights, hotels, hired cars, and insurance.

Travelers can pay the cost of the trip via deferred payments for up to 12 months at as low as 0% APR. The product is quick and easy, though a credit check is required but performed instantly.

“It’s predicted that once lockdown restrictions begin to ease, airlines will need to recoup costs – leading to unavoidable price rises in the future,” said Jasper Dykes, CEO of Fly Now Pay Later. “There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights. Likewise, for many businesses to operate internationally, flying is an essential requirement for employees.”

Customers can take comfort that Fly Now Pay Later is an FCA regulated company.

Use of funds

The company will use the latest funding to support its travel lending product in the UK and develop its standalone consumer proposition – the Fly Now Pay Later app. It will also apply the funding to the further development of its proprietary payment application.

The startup also intends to spread its wings and expand into Germany and France.

“Fly Now Pay Later offers travelers a flexible and affordable way to pay for travel. By removing financial boundaries, we hope to open the post-COVID 19 world for travelers and reconnect people with their friends and families around the globe,” said Dykes.

Related Story:   Cash-rich Revolut on the Prowl for COVID-hit Travel Aggregators

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AI Detects Loneliness With 94% Accuracy
September 25, 2020     Artificial Intelligence, News

Researchers at the University of California San Diego School of Medicine have found in a study that AI tools using NLP can predict the level of loneliness in older adults.
FinTech: Stripe To Process Cloud Payments For Salesforce’s Digital 360
September 25, 2020     FinTech, News

CRM leader Salesforce (NYSE: CRM) announced that Stripe, the leader in global payments processing, will power its Commerce Cloud Payments for its all-new Digital 360 platform. The Digital 360 platform…
Digital Assets: Conglomerates Employ Technology To Track Deforestation
September 25, 2020     Digital Assets, ESG and Sustainability, News

JBS S.A. (BVMF: JBSS3), the largest meatpacker in the world, has committed to maintaining a vigil against deforestation throughout its supply chain. The Brazilian company has been under pressure from…
Venture Capital: Greenlight Financial’s Series C Earns It $215M And Unicorn Badge
September 25, 2020     FinTech, News, Venture Capital

Greenlight’s mission to help kids save and spend smart with its debit cards received a $215 million boost Thursday via its Series C funding. Led by Canapi Ventures and TTV…