Swiipr, a travel paytech company, has recently secured £6m in funding to develop its platform aimed at revolutionising airline disruption payments.
According to UKTech, the Series A funding round was led by Octopus Ventures, a prominent VC investor in the UK, with additional support from TX Ventures and Solano Partners.
Swiipr’s platform seeks to replace traditional methods of airline compensation distribution, such as paper vouchers, cash, and bank transfers, with its digital solution. Launched in 2020, the platform offers virtual and pre-paid compensation cards along with a mobile app, providing passengers with direct access to disruption funds, including compensation for lost baggage and expenses incurred due to flight delays. Currently, Swiipr’s technology is utilised by 26 airlines across 70 countries.
Tara Spielhagen, co-founder and CEO of Swiipr, commented on the significance of the funding, stating, “Legacy compensation systems are unfit for purpose. Not only do they cost an airline billions of dollars every year, but they also exacerbate disruption and stress. It doesn’t need to be this way in a digital age, and we are proud to have developed a new solution that solves so many pain points.”
The influx of capital will be allocated towards research and development, product enhancements, and expansion efforts within the international airline market.
This latest investment underscores the growing interest in FinTech solutions aimed at streamlining and digitising traditional financial processes within the travel industry.
“Legacy compensation systems are unfit for purpose,” said Tara Spielhagen, co-founder and CEO of Swiipr. “Not only do they cost an airline billions of dollars every year but they also exacerbate disruption and stress. It doesn’t need to be this way in a digital age, and we are proud to have developed a new solution that solves so many pain points.”
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