Fly Now Pay Later bags USD75 million to fund US expansion
Fly Now Pay Later (www.flynowpaylater.com/us/), which offers consumers a more flexible way to finance travel, has closed a $75 million debt funding package with Atalaya Capital Management to support expansion acoss the US.
As part of the funding package, the New-York based financier has also provided an equity investment into the business.
Building on $60 million of new investment made in the previous two equity funding rounds, it has now raised a total of $150 million in debt and equity funding.
With online US commercial aviation returning to pre-pandemic levels, Fly Now Pay Later will scale its operational footprint.
Fly Now Pay Later says it is the only global player solely focused on the travel sector.
It enables customers to spread the cost of a trip over up to 12 monthly instalments by partnering with leading travel merchants or directly to consumers through its Anywhere app.
"To have secured another landmark amount during one of the worst slow downs in travel history is testament to the efforts of the whole team." said Fly Now Pay Later founder and chief executive Jasper Dykes.
"The US, which we entered in 2020, purposely formed a big part of our resilience plan."
In the past year, Fly Now Pay Later has entered into significant new commercial partnerships including:, Malaysia Airlines and the airline payments network Universal Air Travel Plan (UATP) for EU merchants.
"It’s a particularly exciting time for the company. The category is experiencing tremendous growth and with that we also welcome the FCA’s recent decision to regulate the sector in the UK to facilitate its continuing maturity." Dykes added.
"There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights."
The use of BNPL products nearly quadrupled in 2020, to £2.7 billion in transactions in the UK, with five million people using these products since the beginning of the pandemic.
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