UK Car Lending

Fly Now Pay Later Secures US $ 75 Million for US Expansion

Fly now Pay later, a UK financial technology company providing consumers around the world with an alternative and more flexible way to finance travel, has entered into a US $ 75 million debt financing program provided by funds managed by Atalaya Capital Management to support the expansion into the United States – the world’s largest travel market.

With the return of US commercial aviation online to pre-pandemic levels, Fly now Pay later will use the new investment to develop and further expand its operational footprint in the world’s largest travel market. As part of the financing, the New York-based financier also provided a capital investment in the company.

Shift from traditional loans to alternative and practical digital experiences

Building on £ 45million of new investments made in the previous two funding rounds, the alternative payments provider has now raised a total of US $ 150million in debt and equity financing to support the expansion global.

The milestone was achieved in less than six years of operation, during which Fly Now Pay Later successfully overcame 18 months of unprecedented disruption to the travel industry.

“Getting another historic amount in one of the worst downturns in travel history after it stopped is a testament to the efforts of the entire team.” said the founder and CEO of Fly Now Pay Later Jasper dykes.

“The United States, which we entered in 2020, has deliberately been 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 goal heading into 2022.

“There is always a temptation to put the brakes on during times of significant headwinds, but with consumer expectations continuing to shift from traditional lending to alternative practical digital experiences, we have maintained our commitments to invest in our technology development and We have embarked on the strengthening of our network of partnerships in the States, which is really growing.

Growing use of BNPL products

The use of BNPL products nearly quadrupled in 2020, reaching £ 2.7 billion in transactions in the UK, with five million people using these products since the start of the coronavirus pandemic. Analysts predict that by 2026 spending via BNPL services is expected to reach nearly $ 51 billion (£ 37 billion) in the UK alone. BNPL accounted for 2.1%, or about $ 97 billion, of all global e-commerce transactions in 2020, according to Worldpay.

Since its launch in 2015, Fly Now Pay Later has focused on creating a top-notch product around its audience and buying habits; see demand and customer loyalty solidify in the process.

The alternative travel payment provider currently employs 90 people in the UK, US and Latvia and aims to support each market over the next year based on customer demand and as travel restrictions increase. will soften. It will embark more than 250 additional people in the three territories in 2022.

The company can be used to book flights, hotels, package holidays, car rentals and more and offers frictionless payment options to support businesses and the end consumer.