UK travel and fintech startup Fly Now Pay Later has raised €39.2 million in funding, suggesting that its model of financing holidays to foreign destinations might be a route back to normality for an industry devastated by the Covid-19 pandemic.
Fly Now Pay Later, which was founded by chief executive officer Jasper Dykes in 2015, allows travellers to spread the cost of their trips and holidays over a period of up to 12 months, at interest rates as little as 0% APR.
Dykes 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.”
“Fly Now Pay Later’s innovative and data-driven financial solutions are fundamentally re-aligning the interests of travellers and merchants for the better,” explained Kitarack Chapman, director at investor Revenio Capital.
Chapman continued: “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 [afield].”