Travel BNPL fintech Fly Now Pay Later lands $75m debt financing
Buy Now, Pay Later (BNPL) Travel finance fintech Fly Now Pay Later (FNPL) has secured $75 million in debt financing from Atalaya Capital.
The funding scheme will fund the UK fintech’s expansion into the US, the world’s largest travel market.
FNPL allows customers to spread the cost of travel over up to 12 monthly installments through travel agents ranging from mid-sized companies to major carriers like Malaysia Airlines, TravelUp, HotelsOne, Air Serbia and Azores Airlines.
Customers can also access flexible funding options through the fintech’s own app, Anywhere.
As part of the financing agreement, Atalaya also provided an equity stake in the company.
After two years of disruption, US commercial aviation is beginning to return to pre-pandemic levels and FNPL will use the new investment to build on this and grow and expand its operations in the US.
FNPL CEO and Founder Jasper Dykes said: “The category is experiencing phenomenal growth and we also welcome the FCA’s recent decision to regulate the industry in the UK to facilitate its continued maturity.
Dykes says the FNPL platform makes instant credit decisions, providing “highly personalized and digestible” payment options to consumers traditionally underserved by existing lending institutions.
FNPL has now raised a total of $150 million in debt and equity financing to support its international growth plans.