Tech

Fly Now Pay Later secures US $ 75 million from Atalaya Capital Management

Fly Now Pay Later is a British fintech company that provides consumers around the world with an alternative and more flexible way to finance their trips, with Atalaya Capital Management to support its expansion into the United States. We have terminated the US $ 75 million debt financing package offered by the fund we manage. World market.

As part of the funding package, the New York-based lender also offered a equity investment in the business.

Launched by Jasper Dikes in 2015, alternative payment providers total 150 million to support global expansion based on £ 45 million in new investments made in the last two equity financing rounds. Raised US dollar debt and equity funding.

Milestones were achieved with transactions of less than 6 years. Meanwhile, Fly Now Pay Later successfully overcame the 18-month unprecedented travel sector turmoil.

With US online commercial aviation returning to pre-pandemic levels, Fly Now Pay Later will use new investments to further build and expand its operational footprint in the world’s largest travel market.

Fly Now Pay Later is the leading BNPL player in the travel sector, which is rarely addressed. It has a presence in all major BNPL markets (UK, US, EU). Fly Now Pay Later is the only global player focused solely on the rapidly recovering travel sector.

Alternative lenders allow customers to distribute their travel costs in installments of up to 12 months, either by partnering with a major travel merchant or directly through its Anywhere app to consumers.

“It is a testament to the efforts of the entire team to secure another breakthrough amount after one of the worst slowdowns in travel history has stopped.” Jasper Dykes, Founder and Chief Executive Officer of Fly Now Pay Later..

“The United States, which entered the country in 2020, was deliberately a big part of resilience planning because it has less impact on domestic leisure travel than Europe, and will continue to be an important focus as we enter 2022. ..

“Although there is always the temptation to put a brake on during periods of significant headwinds, consumer expectations continue to shift from traditional lending to an alternative, convenient digital experience, with an investment commitment to technology development. A state that supports and is really gaining momentum. “

Last year, Fly Now Pay Later signed an important new commercial partnership with Malaysia Airlines, including the airline’s payment network, Universal Air Travel Plan (UATP) (EU merchants only).

In July, an alternative travel payment provider signed a contract with New Jersey-based financial services organization and Banking-as-a-Service (“BaaS”) provider Cross River Bank for rapid international growth. Was further promoted.

Enhanced by strategic UK-US partnerships with BNPL’s global network, Charge After, and POS finance for merchants, Fly Now Pay Later is now the first travel-centric installment option available on the platform. rice field.

“This is a particularly exciting time for the company. This category is experiencing tremendous growth and welcomes the FCA’s recent decision to regulate the UK sector to promote its continued maturity. “Mr. Dykes continued.

“Ten tens of thousands of people with families around the world need a frictionless way to fund their flights.

“By removing economic boundaries, we want to reconnect people with friends and family, wherever we are in the world.

“Since its launch, we have fulfilled our mission to make travel more accessible and affordable for more people by providing payment flexibility at the click of a button.

“Our unique platform is designed to make instant credit decisions, providing consumers with highly tuned and digestible payment options that traditionally lacked services with existing credit institutions. . “

Use of BNPL products almost quadrupled in 2020, trading in the UK reached £ 2.7 billion, and 5 million people have used these products since the start of the coronavirus pandemic. By 2026, analysts predict spending through BNPL services will reach nearly $ 51 billion (£ 37 billion) in the UK alone.

According to Worldpay, BNPL accounted for 2.1% of global e-commerce transactions in 2020, or about $ 97 billion. Hundreds of travel agencies are using FlyNow Pay Later to fund vacationers who can repay in installments on an affordable schedule (starting at 0% April). Its merchant partnerships range from SME travel operators to major operators such as Malaysia Airlines, TravelUp HotelsOne, Air Serbia and Azores Airlines.

Alternative travel settlement companies have taken advantage of market opportunities to strengthen their leading position in the UK and expand their merchant base. Travel brands are stepping up e-commerce and digital payment games to drive sales after the market recovers.

Since its launch in 2015, Fly Now Pay Later has focused on building best-in-class products around the audience and their buying habits. In the process, demand and customer loyalty are solidified.

Alternative travel payment providers currently employ 90 staff in the UK, US and Latvia, aiming to support each market over the next year as travel restrictions are relaxed to meet customer demand. increase. In 2022, more than 250 more employees will be on board in the three regions. The company can be used to book flights, hotels, package tours, car rentals and more, offering frictionless payment options to support businesses and end consumers.

“FlyNow Pay Later has done a great job over the last 24 months. It’s a strong brand in high-growth mode and well-positioned to capture demand in strong categories.

“We and our experienced management are proud to make the lives of travelers and merchants around the world easier with technology-enabled financial solutions.” James Intermont, Principal of Atalaya Capital Management.

This service is quick and easy to use, and credit checks are performed instantly. Travel providers interested in signing up for Fly Now Pay Later should visit https://www.flynowpaylater.com/us/for-business/.



Fly Now Pay Later secures US $ 75 million from Atalaya Capital Management

Source link Fly Now Pay Later secures US $ 75 million from Atalaya Capital Management

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