“After more than a year of being in our homes, people are itching to dust off their suitcases globally,” said Jasper Dykes, CEO and founder of the fintech startup company. “The recovery of travel is likely to be gradual, but when it happens, we hope that by giving people the freedom to book a trip and pay at a pace that works for them, will help spur reservations.”
The latest funding for Fly Now Pay Later and its app was co-led by investors Revenio Capital and Taurus Wealth Advisors. Support for the fintech startup business comes in the wake of an earlier Series A round in May 2020, where the company secured over $42 million from investors. Funding from the latest round of investor support for Fly Now Pay Later will help the company scale its operations in the US travel market.
Enjoy a Vacation, Then Pay for the Flight
Founded by Dykes in 2015, Fly Now Pay Later has built an app platform that allows travelers and vacationers to quickly book a trip and worry about the bill later.
Users simply book a flight through the Fly Now Pay Later app, and the fintech startup business pays the bill for them. After enjoying the trip, users pay the startup company back in installments. Using the app, users can specify the payment plan that works best for them, whether that means paying the trip back with one lump sum a month after returning or breaking down the price over the next 12 months.
Fly Now Pay Later is already partnering with travel companies such as Booking.com, Kayak, Expedia, and others to offer customers flexible payment plans through its app.
“Fly Now Pay Later has proven itself by successfully growing during one of the most turbulent events in the history of the travel sector,” said Kitarack Chapman, the director at Revenio Capital. “We’re proud to support the company and its experienced management team as they continue to make life easier for travellers and merchants worldwide with their innovative and tech-enabled financial solutions.”
Soaring Into the Recovering Travel Sector
Though last year proved to be a challenging period for the travel industry, market research expects the sector to rebound in the near future. According to a report from Allied Market Research, the global leisure travel industry is expected to exceed $1.7 trillion by 2027 and register a CAGR of 22.6%. The startup fintech business aims to ride the wave of growth in the industry.
About the Author
James White is a Michigan State University graduate with a B.S. in Environmental Biology. He is interested in reporting emerging trends in technology, especially with regard to alternative energy and environmental conservation.