The award-winning travel platform marries travel insurance,
assistance and financial solutions to holistically care for
travelers on the road
RICHMOND, Va., July 30,
2024 /PRNewswire/ -- Travel startup Faye today
announced it has raised $31M in
Series B funding, bringing the company's total funding to
$49M. The round was led by Portage,
with participation from Lumir Ventures, along with existing
investors F2 Venture Capital, Viola Ventures and Munich Re
Ventures.
Since launching its award-winning app to American travelers in
2022, Faye has continued to expand its offering to where it is
today: travel insurance that provides comprehensive coverage and
enables smarter, faster claims resolutions; 24/7 assistance and
companionship for anything that can go wrong in-trip; real-time
trip monitoring and alerts as well as fast fintech solutions to
enable payments, reimbursements and savings for trips.
Faye Co-Founder & CEO, Elad
Schaffer: "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. 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."
Ever since its debut, the company has enjoyed consistent 5-star
reviews from travelers and was named a top travel insurance
provider by The Wall Street Journal.
Faye expects to grow its revenue fivefold in 2024 alone, serving
hundreds of thousands of travelers around the world.
Simultaneously, the company is focused on forging new partnerships
with top brands, travel agencies and distribution partners looking
to provide consumers with a tech-powered, modern and delightful
travel experience.
Stephanie Choo, Partner,
Portage Ventures: "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," says Choo, who has joined Faye's board of directors.
"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."
Faye has made additional enhancements to its platform since its
Series A round last year, including: pre-trip essentials so
travelers know the vaccine, health mandates and even plug type per
destination; telemedicine access to over 20K doctors worldwide along with the ability to
schedule in-person, home or hotel visits when you're unwell
in-trip; app recommendations to travel like a local; emergency
numbers to access and much more.
These are in addition to enhancing the core benefits Faye
launched with: the ability to protect your trip in as little as 60
seconds, quick and digital claim filing in-app (along with the
ability to track your claim's status to completion), fast claims
reimbursements into your Faye Wallet
for immediate use, and the ability to access travel support experts
24/7 wherever you are in the world - weekends and holidays
included.
Available nationwide, Faye is the second startup founded by
travel enthusiasts Elad Schaffer
(CEO) and Daniel Green (CTO). In the
coming months, Faye plans to dedicate this capital injection to
fuel growth, develop new products and scale its operations across
its insurance, travel and fintech offerings. In addition, the
company plans to grow its U.S. headquarters in Virginia and build out its existing offices in
New York, Florida and California.
Faye's robust protection can cover travelers' flights, hotels,
health (including pre-existing conditions), luggage, and even their
pets - all via an app on iOS or Android that sends real-time
proactive alerts, provides 24/7 access to customer experience
specialists, enables users to file claims digitally, and quickly
pays for approved claims via electronic transfers to Faye Wallet, its digital card that can be added
to Apple Wallet or Google Wallet. Thanks to Faye Wallet, travelers can also receive speedy
reimbursements for travel inconveniences (such as delayed bags and
flights) and instantly use funds to purchase what they need most
rather than paying out of pocket.
About Faye
Faye is an award-winning travel platform
redefining insurance and assistance, enabling smarter and smoother
trip taking. The company provides whole-trip protection, financial
solutions, 24/7 care, and real-time insights to holistically look
after travelers' journeys across the globe. Learn more at
www.withfaye.com.
About Portage
Portage is a global investment
platform focused on FinTech and Financial Services with over US
$2.5 Billion assets under management.
Our team partners with ambitious companies across all stages,
through Portage Ventures and Portage Capital Solutions. We provide
flexible capital and deliver a global network of investors,
commercial partners, advisors, and value creation experts. With
deep industry knowledge and entrepreneurial experience, Portage is
committed to supporting the leaders who are reshaping financial
services. Portage operates in the United
States, Canada and
Europe. Portage is a platform
within Sagard, a global multi-strategy alternative asset management
firm with over $25B under management.
For more information, visit www.portageinvest.com.
Faye travel protection plans include insurance benefits
underwritten by United States Fire
Insurance Company. Zenner Insurance Services, LLC is the licensed
producer of Faye travel protection plans. Zenner Claims
Administrator LLC is the claims administrators for the travel
protection plans.
Contact
Lauren Gumport
VP of Communications
Lauren@withfaye.com
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SOURCE Faye