Fly Now Pay Later raises $75m in debt to fund US expansion

Travel finance firm Fly Now Pay Later has secured $75m in debt funding from Atalaya Capital Management, which it says it will use to ramp up its US expansion.

Based in the UK and having launched in 2015, Fly Now Pay Later lets travellers spread the cost of booking a trip over up to 12 monthly instalments.

Similar to traditional buy now, pay later services like Klarna, Fly Now Pay Later is available at the checkout of travel merchants or directly for consumers via its app.

Last year the firm closed a £45m Series A funding round, led by asset managers Taurus Wealth Advisor and Revenio Capital, and with today’s debt funding Fly Now Pay Later says it has raised a total of $150 in debt and equity since launch.

“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 founder and chief executive Jasper Dykes.

“The US, 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.”

During the Covid slowdowns Dykes and his team say they have been working hard on getting Fly Now Pay Later available in more places, including partnerships with Malaysia Airlines and ChargeAfter—a network of pay later and point-of-sale products for merchants.

Fly Now Pay Later currently employs 90 staff across the UK, US and Latvia, and aims to onboard a further 250+ employees across these three countries in 2022.