Travel insurance specialist Faye is expanding into the online travel agency space and has signed Ski.com as its first partner.
Elad Schaffer, co-founder and CEO of the company, said the move was a “natural evolution” for Faye, adding that insurance products for luxury travel, short-term rentals, group travel and cruises are also in the pipeline.
Faye, a PhocusWire Hot 25 Startup for 2025, has also reached $100 million in sales three years after launching, according to Schaffer.
“Reaching $100M is a testament to the combination of hard work and cutting-edge technology,” he said.
In a recent interview with PhocusWire, Schaffer shared that the company is seeking to offer services beyond insurance and act as more of a companion to travelers.
Subscribe to our newsletter below
Faye will continue to expand the protection side of the business, particularly in the United States, which is an “underpenetrated and underserved market,” according to Schaffer.
He said the platform was built out starting with insurance but has been extended to include what he calls “travel care,” where Faye provides a concierge service to help with rebooking flights, recovering lost passports and helping travelers with other “stressful moments.” There is also the potential to offer travelers add-ons, such as the company's recently launched eSIM, with more services to come, including airport rides and lounge access.
Travel intelligence is an area where Schaffer sees Faye adding further value by being more proactive. Faye monitors flights and incidents within destinations to alert customers to potential disruption and ties it in to the insurance coverage they already have.
“If we know that your flight has been canceled, and oftentimes we would know it before the airline tells you, we can already offer you compensation for that event. You don't need to file a claim.”
The Faye wallet and other fintech services such as access to claim reimbursements complete the company's offerings, but there are plans to offer more payment mechanisms.
Faye raised Series B funding of $31 million a year ago and the company said at the time it planned to use the funds to expand its insurance, travel and fintech products.