Uplift, a buy now, pay later (BNPL) solution for the travel industry, is seeing an uptick in demand for flexible payment options when making new vacation reservations, the startup said in a press release on Monday (Feb. 15).
“Buy now, pay later is not a new concept and has already proven its value internationally. It will be the economic kickstarter needed to ignite the travel industry,” said Uplift’s CEO Brian Barth.
Uplift’s BNPL solutions are assisting with developing the necessary foundation to bring about the travel industry’s strong recovery in 2021, the company said. Uplift has raised about $695 million since it was founded in 2014 by Barth and Stu Kelly.
“There’s a certain amount of pleasure derived after you book a trip and anticipate all these new life experiences. This anticipation is driving travel bookings now for future vacations to give people something to look forward to,” Barth added.
Uplift has signed new BNPL partnerships with airlines such as Aeromexico, Air Canada, Alaska Airlines and more. The platform also signed on with cruise lines like Hurtigruten, MSC Cruises, Uniworld and Virgin Voyages, and tour operators and travel agencies like Air Canada Vacations, CostSaver, Grand European Travel, Insight Vacations and others.
Restrictions relating to the worldwide pandemic notwithstanding, Uplift has collaborated with new brands and grew 72 percent in fourth-quarter 2020 monthly transaction volume. The company also recently notched a $68 million credit line from Atalaya Capital Management at the end of last year.
BNPL is growing exponentially in the retail space and anticipated to expand to 3 percent of all eCommerce transactions by 2023. About one third of respondents in a recent survey who said they were struggling to afford daily expenses indicated they used BNPL solutions to get by.
Uplift’s credit deal that closed earlier last month is banking on the recovery of the travel industry in 2021. BNPL solutions are anticipated to become sought-after options for travelers.
The December edition of the Buy Now, Pay Later Tracker® takes a deep dive into the holiday shopping’s changing attitudes toward using BNPL solutions in stores and online.
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