Fly Now Pay Later, FinTech which offers shoppers a more flexible way to finance travel, has partnered with ChargeAfter, the global network of personalised buy now pay later (BNPL) and point-of-sale financing for merchants.
Under the agreement, Fly Now Pay Later will be added to ChargeAfter’s global point-of-sale financing portfolio in the UK and US. Fly Now Pay Later will be the first travel-specific instalment payment option available on the platform.
As a travel-centric lender, Fly Now Pay Later will be available to ChargeAfter travel partners and enable them to provide flexible payment options for their customers. Travellers using ChargeAfter and Fly Now Pay Later can now easily apply for affordable instalments for their next flight, cruise, car rental or booking by filling out a quick online application at checkout or at the counter while receiving and accepting a personalised offer in seconds.
With Fly Now Pay Later’s integration into ChargeAfter, US and UK consumers will no longer be required to pay for travel in full at the time of booking – easing the financial burden of arranging a trip and facilitating a less stressful booking experience, through spreading the cost into instalments over time.
Commenting on the new partnership, Fly Now Pay Later Chief Executive, Jasper Dykes said, “Payment flexibility is playing an integral role in the travel industry’s recovery strategy as it provides consumers with lower upfront costs, thus increasing conversion rates for travel merchants at checkout and ultimately converting lookers into bookers. There are millions of people globally who need a frictionless way to finance their flights.
“We share ChargeAfter’s mission to create a new generation of credit by providing transparent alternative BNPL financing with flexible payment options designed for every shopper, regardless of their financial or banking history. By removing financial boundaries, we hope to open the post-covid-19 world for travellers and reconnect people with their friends and families around the globe.”
Fly Now Pay Later recently secured a £10m Series A funding, bringing its total to £45m. With thousands of consumers in the UK, US and Germany, Fly Now Pay Later is aiming to create over $1bn of enterprise value within the next 18 months, driven by the rapidly expanding Buy Now Pay Later sector.
ChargeAfter’s BNPL network connects retailers and lenders to offer consumers personalized point-of-sale financing options during shopping and at checkout from multiple lenders when and where they are ready to shop. Merchants on the ChargeAfter platform include leading iconic national retailers across travel, home appliances, furniture, mattresses, consumer electronics and automotive, amongst other verticals.
ChargeAfter CEO Meidad Sharon said, “Partnering with Fly Now Pay Later enables ChargeAfter to take another step forward in our ongoing mission of democratizing credit, and placing the power of choice in payments back into the hands of the consumer. As ChargeAfter continues to expand and onboard segment-focused lenders such as Fly Now, Pay Later; Airline, Cruise, OTA’s, and other travel-related services can now easily and effortlessly provide their guests and travellers with affordable instalments that are customized to their unique financial needs in just seconds directly on the website at the time of purchase.
“ChargeAfter merchants see approval rates ranging between 80-90%. Part of the success in delivering industry-leading approval rates is being able to provide our merchants and their consumers with leading, and modern lenders that have eCommerce know-how, and that are able to work with a wide variety of merchants across new, growing and expanding verticals.”
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