- Raised $31 million in Series B funding, total now $49 million
- Major investors include Portage and Lumir Ventures
- Offers travel insurance, assistance, and financial solutions
- Expanded services include real-time trip monitoring, telemedicine, and personalized app features
- Aims to grow revenue fivefold in 2024
Travel startup Faye has secured $31 million in Series B funding, increasing its overall funding to $49 million. This round saw participation from leading investors such as Portage and Lumir Ventures and current backers F2 Venture Capital, Viola Ventures, and Munich Re Ventures.
Faye has steadily expanded its services since launching its innovative app for American travellers in 2022. Presently, the company offers comprehensive travel insurance that ensures speedy claims resolution, 24/7 assistance, real-time trip monitoring, and instant financial solutions. These features collectively provide travellers with a seamless and secure travel experience.
Elad Schaffer, Co-Founder and CEO, explained that within two years, Faye has become the most loved, fastest-growing, and highest-rated company in its sector. This success stems from a relentless focus on technology, exceptional customer care, and attracting top talent. As Faye enters a new phase of growth, it aims to become the premier travel companion for all American travellers, offering unrivalled insurance and personalized financial solutions.
Revenue Growth and Partnerships
Faye’s remarkable performance has garnered consistent 5-star reviews and recognition as a top travel insurance provider by The Wall Street Journal. The company anticipates a fivefold increase in revenue by 2024, serving hundreds of thousands of travellers globally. Faye is actively pursuing new partnerships with top brands and travel agencies to enhance the travel experience further.
Stephanie Choo, Partner at Portage Ventures, indicated that they have supported Faye from the outset. She highlights the unique combination of travel and fintech solutions that provide holistic care for travelers. Portage is optimistic about the future of fintech and is committed to helping Faye become one of the world’s largest platforms dedicated to traveler needs.
Faye has recently made significant improvements to its platform, including pre-trip essentials like vaccine and health mandates, global telemedicine access, and local travel recommendations. Additionally, the platform features quick and digital claim filing, immediate claims reimbursements, and 24/7 access to travel support experts, accessible anywhere in the world.
Faye will use the Series B funds to fuel growth, develop new products, and expand its operations in the upcoming months. Plans include expanding its U.S. headquarters in Virginia and offices in New York, Florida, and California.
Faye’s robust protection encompasses flights, hotels, health (including pre-existing conditions), luggage, and even pets. The app provides real-time alerts, 24/7 access to customer support, digital claim filings, and fast reimbursements. With Faye Wallet, travellers receive immediate funds for travel inconveniences, allowing for stress-free travels.
