Faye has raised $50 million in Series C funding to expand its AI-powered travel protection platform, bringing total capital raised to $100 million. Madrona led the round, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures.
The financing will support geographic expansion, additional partnerships with online travel agencies, airlines, cruise companies, and other travel brands, and further development of Faye’s AI capabilities.
Faye is using AI across underwriting, traveler assistance, and claims processing as it works toward making more of the customer experience autonomous.
By the end of 2026, Faye expects AI to resolve more than half of claims autonomously. The company also expects 75% of the remaining claims to be completed on the first interaction.
Faye plans to invest further in travel fintech capabilities through Faye Wallet, which enables approved reimbursements to reach travelers digitally during their trips.
The company said revenue doubled during the past year while it expanded its position across U.S. travel protection.
Launched in 2022, Faye combines insurance, financial services, real-time travel intelligence, and traveler assistance through one platform.
Consumers can buy travel coverage, submit claims digitally, receive reimbursements through a mobile wallet, and access features including international telemedicine, eSIM connectivity, lounge access, and real-time concierge services.
Faye also provides infrastructure to travel agencies, airlines, cruise lines, and online travel agencies through APIs and its Faye Advisor Portal.
KEY QUOTES:
“Travelers and travel distributors deserve more than traditional protection, they deserve a platform that anticipates their needs and supports them throughout their journey. Over the past year, we’ve done just that while also doubling our revenue and strengthening our position as the leader in AI-powered travel protection.”
Elad Schaffer, Co-Founder and CEO of Faye
“I’ve spent my career building in travel, and generational founders in this space are rare. The Faye team is that caliber. Travel is finally being rebuilt around the traveler, and Faye is emerging as the brand people reach for to take care of all their needs before, during, and after their trip.”
Steve Singh, Managing Director at Madrona
“The best insurance platforms of the future will excel at more than pricing risk, they will win by owning the customer relationship end to end for a magical experience.”
Chris Picardo, Partner at Madrona
