Uplift has finalized a new credit line of $68 million for its travel payments service.
Financing for the buy-now-pay-later brand was provided by Atalaya Capital Management.
Travel is already coming back, according to California-based Uplift, with the company anticipating rapid growth amid pent-up demand for booking travel for the summer and autumn.
Uplift has now raised about $695 million in equity and debt including a $250 million credit line in December 2019, which came on top of $123 million in funding in January of the same year.
Uplift confirmed the new financing on LinkedIn and in a Crunchbase interview, with Brian Barth, CEO of Uplift saying the company plans to move beyond travel in 2020.
Uplift expects to exceed $1 billion in transactions over the next 18 months.
Other companies offering a similar service including Fly Now Pay Later are also anticipating the pent-up demand.
The London-based company landed £35 million in Series A funding in May and is planning for a £100 million funding package in the second half of 2021 according to Jasper Dykes, its chief executive.
He adds that the Uplift credit line shows the continued commitment to the sector and says Fly Now Pay Later, which recently launched its consumer beta in the U.S., has seen “ferocious appetite for the product.”