Uplift banks $123M round to expand travel payment service on multiple fronts

A $123 million financing round - its biggest to date - is heading to travel payment brand Uplift, in a deal led by Madrone Capital Partners.

Existing investors Draper Nexus, Ridge Ventures, Highgate Ventures, Barton Asset Management and PAR Capital all participated in the latest injection of funds into the U.S.-based company.

The round comes just over a year since Uplift raised $90 million in a combined servicing round to create a credit facility for operations ($75 million) and an equity investment ($15 million).

On this occasion, the round - bringing its total investment since 2014 to $220 million - will be used to develop new partnerships with travel brands and introduce other "capabilities and new travel services," the company says.

Uplift allows brands, such as airlines, tour operators and online travel agencies, to offer staggered payments on products to customers.

It estimates the service will facilitate payments for one million customers during 2019.

The idea of flexible payment programs for travelers is not a new one in Europe, where tour operators have such a mechanism for decades, but in the U.S. the idea has only caught on in recent years.

Competitors to Uplift include Affirm, and both pitched during The Phocuswright Conference last year (here's Affirm's presentation).

Brian Barth, chairman and CEO of Uplift, says: "Our mission is to make travel more accessible, affordable and rewarding for everyone through partnerships with travel brands.

"We’re heartened by the daily feedback we receive from consumers and the impact we make in their lives, enabling memories and connections."

* Check out our interview with Barth during the Los Angeles event in November 2018.