Fly Now Pay Later secures GBP35m in Series A round
British fintech alternative payment provider start-up Fly Now Pay Later has raised GBP35 million in Series A equity and debt funding round, which will offer a new way to finance travel once restrictions ease.
Jasper Dykes, co-founder and CEO of the startup, will offer flights from 0 per cent APR. “Few industries have been affected as significantly as tourism in the wake of Covid-19. 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 Dykes. “It’s predicted that once lockdown restrictions begin to ease, airlines will need to recoup costs – leading to unavoidable price rises in the future.
The combination of new equity and debt investment was led by Revenio Capital; as well as Shawbrook Bank and BCI Finance, both institutional debt-providers in the specialist finance space.
In the wake of the Covid-19 pandemic, the fintech start-up will use the funding to expand its offering in the UK, including the development of its proprietary payment technology that offers travel providers with frictionless payment solutions, according to the company.
“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,” Dykes added.
The fresh capital will also be used to launch a consumer payments app called ‘Fly Now Pay Later’, which will aim to provide a flexible payment solution that ensures flights are accessible for people and businesses looking to book their trip with travel providers including lastminute.com, TravelUp and the Moresand Group, once travel restrictions are lifted.
The company will also begin expanding in Europe, beginning with Germany in the second quarter of 2020, followed by France later this year. The startup currently employs 70 staff in the UK.