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 lastminute.com, 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
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