Fly Now Pay Later Snags $75M for Global Expansion

Travel-focused global FinTech Fly Now Pay Later announced it has closed a $75 million debt funding deal managed by Atalaya Capital Management that will bring the fledgling company into the U.S. and includes an equity investment by Atalaya in the platform, according to a Tuesday (Jan. 11) press release.

Fly Now Pay Later has now raised $150 million in debt and equity funding through three investment efforts since it was founded in 2015, the release stated. The company allows travelers in the U.K., EU and the U.S. to spread the cost of their trips across 12 monthly installments through partnerships with travel merchants or on its Anywhere app.

“To have secured another landmark amount during one of the worst slowdowns in travel history after it ground to a halt is testament to the efforts of the whole team,” said Fly Now Pay Later Founder and CEO Jasper Dykes in the release. “The U.S., which we entered in 2020, purposely formed a big part of our resilience plan as domestic leisure travel has been less affected than in Europe and will continue to be a key focus as we enter 2022.”

Fly Now Pay Later has partnerships with Malaysia Airlines and airline payments network Universal Air Travel Plan and signed a deal in July with Cross River Bank to jolt its growth around the world, according to the release. The company was also the travel-centric first buy now, pay later (BNPL) option on ChargeAfter.

“There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights,” Dykes said in the release. “By removing financial boundaries, we hope to reconnect people with their friends and families no matter where they are around the globe.”

Meanwhile, Dr. Anthony Fauci, chief medical advisor to President Joe Biden, said last month on MSNBC’s “Morning Joe” that U.S. officials should consider making COVID-19 vaccinations mandatory for air travelers. Requiring vaccinations would incentivize more people get the shots, he said.

Read more: Fauci Says US Should ‘Seriously’ Weigh Vaccine Edict for National Air Travel