FinTech News
Faye Raises $31 Million for Travel Insurance Platform
An app that makes travel insurance buying simpler has raised an impressive round of funding.
About the round:
Faye has announced a new $31 million round. The Series B was led by Portage while Lumir Ventures and existing investors F2 Venture Capital, Viola Ventures, and Munich Re Ventures also participated. To date, the company has now raised a total of $49 million, including a $10 million Series A last year (which was led by Munich Re Ventures).
About Faye:
With Faye, travelers can purchase travel insurance policies in as little as 60 seconds. Additionally, the service boasts a quick claims filing and reimbursement process thanks to Faye Wallet. Using a digital card, customers have the option to spend reimbursed funds immediately. Since its Series A, Faye has added a pre-trip essentials feature, telemedicine access, and more.
What they’re saying:
Commenting on the success Faye has seen so far, the company’s co-founder and CEO Elad Schaffer stated, “In just two years Faye has become the most-loved, fastest-growing and highest-rated company in our space. Our sales have grown 10X year-over-year while setting a new standard on customer experience and retention. That’s no small feat, and is a result of our relentless focus on delivering the best technology and highest level of customer care, coupled with our commitment to hiring the best talent out there.”
As for the new round of funds, Schaffer said, “We are excited to move into a new phase of growth, creating a robust platform for looking after travelers throughout their entire journey. Those hitting the road with Faye will receive the best insurance experience with our tech-driven holistic coverage and care that enables smarter and smoother trips through personalized travel and financial solutions. Soon, Faye will be every American’s travel protector and companion.”
Elsewhere, Portage Ventures partner Stephanie Choo said of the firm’s investment, “We have been following Faye’s journey from the beginning and are excited to see the company marry both travel and fintech solutions in order to deliver holistic care to travelers. This is an underserved and often overlooked market with untapped value to capture. Portage remains bullish as ever on the next generation of fintech companies and we are excited to back the team in their journey to build Faye into one of the world’s largest platforms dedicated to looking after travelers’ needs.”
My thoughts:
Obviously the concept of travel insurance has received a major boost in publicity in recent years. However, it would be overly simplistic to attribute Faye’s success to this factor alone. Instead, it seems that the service has managed to reinvest its funding to expand the platform. With even more in its coffers now, I expect more innovation and growth for Faye in the months ahead.
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