Travel BNPL fintech Fly Now Pay Later lands $75m debt funding package
Buy now, pay later (BNPL) travel financing fintech Fly Now Pay Later (FNPL) has secured a $75 million debt funding package from Atalaya Capital.
The funding package will finance the UK fintech’s expansion into the United States, the world’s largest travel market.
FNPL allows customers to spread the cost of a trip over up to 12 monthly instalments via travel agents ranging from mid-sized firms to leading operators like Malaysia Airlines, TravelUp, HotelsOne, Air Serbia and Azores Airlines.
Customers can also access flexible finance options through the fintech’s own app, Anywhere.
As part of the funding agreement, Atalaya has also provided an equity investment into the business.
Following two years of disruption, US commercial aviation is beginning to return to pre-pandemic levels and FNPL will use the new investment to capitalise on this and build out and scale its operations in the US.
FNPL CEO and founder Jasper Dykes says: “The category is experiencing tremendous growth and with that we also welcome the FCA’s recent decision to regulate the sector in the UK to facilitate its continuing maturity.”
Dykes says the FNPL platform makes instantaneous credit decisions, providing “highly tailored and digestible” payment options to consumers traditionally underserved by existing credit institutions.
FNPL has now raised a total of $150 million in debt and equity funding to support its international growth plans.