Faye, a burgeoning travel insurance start-up, has raised $10m in its Series A funding round.
The round was led by Munich Re Ventures, accompanied by existing investors Viola Ventures and F2 Venture Capital. Additionally, Menora Tech and Mike Nelson, the ex-CEO of Global Travel Insurance at Allianz, also participated in the round.
Faye’s core proposition is to offer comprehensive travel insurance coverage. It encompasses various aspects including trips, health, personal belongings, and even pets. A standout feature of their product is the Faye Wallet, an intuitive application that allows travellers to file claims and receive reimbursements within a span of 48 hours, mirroring the convenience of Apple Pay and Google Pay. Moreover, the app issues real-time alerts for travellers and ensures 24/7 customer support.
The fresh capital will be dedicated to expanding the company’s scope and fostering growth. Elad Schaffer, CEO, and Daniel Green, CTO, intend to use the funds to devise new insurance offerings and fortify their automation capabilities. They also plan to pursue seamless integrations and establish new collaborations with top brands and distribution partners.
An additional development includes the introduction of a newly developed application programming interface (API). This enables an easy integration process for travel distributors keen on offering travel protection to their customers, fully embedded in their services. Moreover, the company recently launched the Travel Advisor Portal, a consolidated platform for travel advisors and agencies to manage travel insurance with Faye.
Faye CEO Elad Schaffer elucidated the company’s innovative approach, stating, “Faye fundamentally views travel insurance differently. Our approach combines travel insurance with real-time assistance, information, a 24/7 concierge, and even financial support. We’ve built an offering that travellers will want to use for life. We continue to see rapid growth in travellers using Faye and coming back for more – month over month.”
Faye has been continuously innovating since its initial launch, introducing new coverage add-ons like Adventure & Extreme Sports and Vacation Rental Damage Protection. Now available in 48 states, Faye has plans to soon expand nationwide. This comes after the firm raised $8m in seed funding last year to develop its intuitive app.
Sidra Ahmed, Investment Director for Munich Re Ventures, praised Faye’s offerings, stating, “Faye provides transparent, digitally-integrated full coverage and a real-time approach to managing potential trip hiccups. Faye has successfully married the worlds of travel, insurtech, and fintech to seamlessly enable consumers to protect their travel investments.”
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