Fly Now Pay Later, which offers buy now pay later services to the travel industry, has scored $75m in a debt funding package.
Atalaya Capital Management supplied the funds to help the company expand across the US. As part of the deal, Atalaya supplied an equity investment into the business. Fly Now Pay Later hopes to capitalise on the US commercial aviation industry returning to pre-pandemic levels.
The UK-headquartered FinTech company offers BNPL services to the travel sector. Its services are already used in the UK, EU and US.
Its platform lets consumers spread out 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.
Fly Now Pay Later founder and chief executive Jasper Dykes said, “The US, which we entered in 2020, purposely formed a big part of our resilience plan as domestic leisure travel has been less affected than in Europe. And will continue to be a key focus as we enter 2022.
“There’s always a temptation to put the brakes on in times of significant headwinds, but with consumer expectations continuing to shift from traditional lending towards alternative convenient digital experiences, we upheld our investment commitments into developing our technology and threw ourselves into bolstering our partnership network in the states, which is really gaining momentum.”
Over the past year, the company has entered into significant new commercial partnerships, including Malaysia Airlines and the airline payments network Universal Air Travel Plan.
The company has raised a total of $150m in debt and equity since it launched in 2015.
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