Flexible payment solution Fly Now Pay Later has reportedly secured £35m in a funding round which was comprised of both debt and equity.
The fresh line of funds was supplied by Revenio Capital, Shawbrook Bank and BCI Finance, according to several reports in the media.
Capital from the round will be used to enhance its technology and support the launch of a consumer payments app. The consumer payments app will make flights more accessible post the coronavirus with adjustable payment options.
Furthermore, the FinTech is looking to expand in Europe, with France and Germany its first targets.
Fly Now Pay Later enables businesses and individuals to but flights and pay for them over monthly instalments, starting at a 0% APR and up to 44.99%. Applicants are assessed on a mixture of travel and credit data.
A user simply looks for flights through one of Fly Now Pay Later’s partners and when they go to checkout, they can apply to pay over instalments which last a maximum of 12 months. The platform can also be used to search for insurance, car hire and hotels.
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