Vuelo, a fintech platform for travel, has raised £56 million in seed funding.
The investment in the London-based company consists of £6 million in equity led by Backed VC and Play Ventures and £50 million in the form of an asset backed security from Viola Credit.
The company, which was founded in 2023 and enables consumers to book and finance trips, plans to use the funding to build an artificial intelligence (AI)-native travel platform, it said in a LinkedIn post. Part of the offering includes personalized payment plans and an intelligent approval engine.
The way consumers plan, book and pay for travel is "fundamentally broken," it added.
"At Vuelo, we are building a fully integrated, AI native platform that brings discovery, booking and financing into a single seamless experience."
A recent article on PhocusWire explored what it really means to be AI native, with a number of travel companies, both established players and startups, having used the label in recent months.
Vuelo's CEO Jasper Dykes previously founded and led Fly Now Pay Later, a travel payment startup that was founded in 2015. The company raised significant funding over several rounds but in late 2023 stopped lending and onboarding new customers.