Fly Now Pay Later raises $13.8m for its planned US expansion

Fly Now Pay Later, the credit intermediary that works with travel companies to help customers spread the cost of their travel, has raised $13.8m in it’s latest funding round, and has announced plans to expand to the US.

The alternative travel payments provider currently works with more than 250 travel companies globally, including Emirates, Expedia and Booking.com, and enables customers to have flexible payment options on travel purchases. Users can spread the cost over periods of one to 12 months, and interest can be as low as 0% APR.

According to information on it’s website, Fly Now Pay Later, which currently employs around 70 staff in the UK, facilitates loans of up to $4,000. The fintech charges a one off transaction fee of 14.99%. Payments and agreements can also be monitored and arranged through the company’s direct-to-consumer Anywhere app.

Fintech US expansion

According to reports, Fly Now Pay Later has already been beta-testing its technology stateside since autumn 2020 and will use its new investment, co-led by asset management firms Revenio Capital and Taurus Wealth Advisors, to roll out its services there. Expanding its UK and German presence is also a priority. 

Speaking about Fly Now Pay Later plans to expand to the US market, and how the pandemic has affected business, founder and chief executive Jasper Dykes explained. “The last 12 months have been an unprecedented period for the commercial travel sector with the worst slow down ever recorded in history. And while we’re not out of the woods, there are glimmers of hope.” 

Dykes believes flexible payment options will help boost bookings as the travel industry begins to reopen, with a full launch into the US market on the horizon. 

“There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights,” he said. 

“By removing financial boundaries, we hope to open the post-covid-19 world for travellers and reconnect people with their friends and families around the globe.” 

Kitarack Chapman, director at one of the company’s backers Revenio Capital, said: “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.”