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.
Revenio Capital, Shawbrook Bank and BCI Finance supplied the funding, which Fly Now Pay Later will use to boost its product offering and support the launch of its new app.
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].”