Fly Now Pay Later, a London-based payment provider for the travel sector, has raised £35 million ($42.6 million) in a Series A round led by Revenio Capital, with participation from Shawbrook Bank and BCI Finance, two institutional debt providers in specialist finance.
“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,” said the startup’s CEO, Jasper Dykes. “This investment is a welcome boost to the sector, and provides us with adequate cash flow to help steer us through these challenging times.”
Dykes predicts that as travel restrictions ease and airlines seek to recoup lost revenue, the cost of flights will rise—and more people will need to finance their tickets. The company allows travelers to pay for their bookings over monthly installments. After a quick credit check, the platform suggests payment options to the user, offering loans that range from £100 to £3,000.
Founded in 2015, Fly Now Pay Later has built a strong B2B business and will expand the B2C side by soon launching a consumer payments app. The fintech startup will use the financing to grow U.K. operations and expand into continental Europe, starting with Germany this summer and then France later this year.
Illustration: Li-Anne Dias