Fly Now Pay Later has raised approximately €39.2 million in Series A equity and debt funding, as it ramps up a new and more flexible way to finance travel in a post Covid-19 world.
The new funds come from Revenio Capital, as well as Shawbrook Bank and BCI Finance (both leading institutional debt-providers in the specialist finance space).
Fly Now Pay Later, founded by Jasper Dykes in 2015, makes paying for trips more flexible.
Instead of buying expensive tickets up front, users can spread the cost over one-12 months, from as low as zero per cent APR.
On the side of travel providers, they can sign up to be present on the platform, reading new audiences.
Currently the alternative travel payment provider employs 70 staff in the UK, and has its sights set on making travel easier for people in the wake of the COVID-19 pandemic.
Commenting on the announcement, Jasper Dykes, chief executive of Fly Now Pay Later, said: “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.”
The fresh funds will be utilised to boost the British travel and fintech start-up’s product offering, mainly further developing its proprietary payment technology.
Additionally, funding will also support the launch of its new Fly Now Pay Later app, where users can browse options for when travel restrictions are lifted.
The start-up also has European expansion in its vision.
Germany is first on the cards for the second quarter of 2020, followed by France later in the year.
Kitarack Chapman, director at Revenio Capital, commented: “Fly Now Pay Later’s innovative and data-driven financial solutions are fundamentally re-aligning the interests of travellers 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 travellers in the UK, Europe, and further.”