Swiipr has announced it secured $7.6m in funding to advance its platform designed to revolutionise airline disruption payments.
This Series A funding round was led by prominent UK venture capital firm Octopus Ventures, with additional investment from TX Ventures and Solano Partners, according to InsurTech Insights.
Swiipr aims to replace outdated methods of airline compensation distribution, such as paper vouchers, cash, and bank transfers, with a more modern solution.
The company’s platform offers virtual and pre-paid compensation cards, providing direct access to disruption funds, including compensation for lost baggage and expenses incurred due to flight delays. Currently, Swiipr’s innovative solution is utilised by 26 airlines across 70 countries.
The new funding will be channelled into research and development, product enhancements, and international expansion, allowing Swiipr to extend its services to more airlines worldwide.
Swiipr’s co-founder and CEO, Tara Spielhagen, emphasised the significance of the funding and the necessity for innovation in this area, 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.”
This injection of capital will enable Swiipr to enhance its platform further and expand its reach, potentially transforming how airlines handle disruption payments and improving the passenger experience significantly.
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