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Wednesday 20 May 2020

Fly Now Pay Later saves up £35m to pay for a foreign holiday

UK fintech, Fly Now Pay Later, has raised £35m to support is short-term credit offering targeted at the business travel space. The cash injection was made via a Series A funding round led by Revenio Capital, and supported by specialist, institutional debt finance providers, Shawbrook Bank and BCI Finance.

FNPLFounded in 2015 by Jasper Sykes, London based, Fly Now Pay, had established a promising foothold in the B2B travel market prior to the utbreak of  COVID-19. The company also has plans to expand into the B2C with the launch of a consumer payments app. The fintech's app enables travellers to spread the cost of trips via flexible instalments on loans ranging from £100 to £3,000 that include interest free options.

The is an interesting funding announcement in the current climate and appears to demonstrate optimism in some quarters for a return to some sort of normality fairly soon. With the travel industry decimated by COVID-19, the fintech’s move into B2C is likely to be an important step towards its survival. I suspect that once we are freed from lockdown, business travel will be one of those sectors fundamentally changed forever. Going forwad businesses are likely to increasingly seek cost-effective, technology based, alternatives to expensive foreign trips.

The encouraging thing for Fly Now Pay Later is, it seems safe to assume that the appeal of a foreign holiday will not have disappeared. However, not only may many hard-pressed consumers be looking to spread the cost, but they are likely to pay more for their travel, due to the impact of COVID-19 on the airlines. This is all potentially good news for the fintech's business model.

Posted by: Jon C Davies

Tags: funding   payments  

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