Fly Now Pay Later is a fintech company held by Pay Later Group Limited that helps consumers spread the cost of their travel over a flexible duration, before or after departure. The company assists travel brands with sales, conversion, and average order value by providing a range of flexible alternative payment options to consumers at the checkout. The London based startup was founded in 2015 by Enrico di San Marzano, Jasper Dykes & Stuart Jeffrey with a seed capital of $5,000,000.
The CEO Jasper Dykes conceived the idea for Fly Now Pay Later when he realised the non-existence of proper holiday finance in the market. The company developed a unique technology that fits within the checkout of the travel providers. When customers get to the payment page, they’ve got an option to spread the cost of their holidays so they can essentially fly now and pay later. The time period for repayment varies from 2-10 months and the company receive a small transaction fee of 7 to 15 per cent of the basket value a month. Customers can spread the principle, the booking value, interest-free using the platform.
The startups have partnered with major travel brands like Expedia, Emirates,Hotels.com,Trivago,lastminute.com etc to offer its holiday finance service to customers.The company has raised about $6 million in equity and about $36 million in debt for a total of about $42 million (€39.2 million). Revenio Capital, Shawbrook Bank, and BCI Finance are the major investors of Fly Now Pay Later.
The Startup currently offers travel loans ranging from £100 to £3000, depending on the customer’s credit profile and travel plans which can be quite beneficial at such difficult times.
Data Source: flynowpaylater.com, Crunchbase, growthbusiness.co.uk, skift.com.