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Fly Now Pay Later Secures USD 42.6 Million in Series A Round of Financing
The company offers attractive options to customers where instead of buying tickets upfront, they can spread the cost over 1 - 12 months, from as low as 0 percent Annual Percentage Rates (APR)
Fremont, CA: British travel and fintech startup, Fly Now Pay Later, raised USD 42.6 million in a Series A equity and debt funding round, in an attempt to ramp up a new and more flexible way to finance travel in a post-COVID-19 world. The investment round was participated by Revenio Capital, Shawbrook Bank, and BCI Finance. The company was founded in 2015 by Jasper Dykes with an intention to make payment for trips more flexible.
"Few industries have been affected as significantly as tourism in the wake of COVID-19. Many companies have been affected, and we 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," said Jasper Dykes, CEO of Fly Now Pay Later.
The company offers attractive options to customers where instead of buying tickets upfront, they can spread the cost over 1 - 12 months, from as low as 0 percent Annual Percentage Rates (APR). As of date, the company employs 70 personnel in the U.K., and aims to make travel easier for people in the wake of the COVID-19 pandemic. The company has also planned to expand its operations to Germany in the second quarter of 2020, and then France in the third and fourth quarter.
"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 U.K., Europe, and further," said Kitarack Chapman, Director at Revenio Capital.
Proceeds from the investment round will be used towards boosting the company's product offering and to develop its proprietary payment technology further. In addition, the 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.