Travel payment startup Fly Now Pay Later has secured an additional £10 million in funding bringing its Series A round to £45 million.
The investment in the London-based company comes from Revenio Capital and Taurus Wealth Advisor and comes on top of the £35 million in Series A announced in March 2020.
Fly Now Pay Later, which launched in 2015, plans to put the funds towards launching in the U.S. as well as further growth of its U.K. and German presence.
The alternative payments specialist helps travelers spread the cost of trips by up to 12 months via its Anywhere app as well as through merchant partnerships with travel companies including Malaysian Airlines, Lastminute.com and TravelUp.
Over the course of the pandemic, the startup has developed its technology as well as formed commercial deals with Kayak and Universal Air Travel Plan.
According to a statement, Fly Now Pay Later aims to create more than $1 billion in enterprise value within the next 18 months.
CEO Jasper Dykes says: “The recovery of travel is likely to be gradual, but when it happens, we hope that by giving people the freedom to book a trip and pay at a pace that works for them, will help spur reservations.
There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights. 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."
He adds that the company’s platform makes “instantaneous credit decisions” to provide consumers to payment options.
Dykes has previously told PhocusWire he anticipates a significant funding round of about £100 million in the second half of 2021.
Investors seem to have confidence in the segment with Uplift announcing a $68 million credit line for its travel payments service earlier this year.