Travel company Faye announced it has raised $31 million in Series B funding, bringing the company’s total funding to $49 million. Portage led the round, which included participation from Lumir Ventures and existing investors F2 Venture Capital, Viola Ventures, and Munich Re Ventures.
Since launching its popular app to American travelers in 2022, Faye continued expanding 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 and fast fintech solutions to enable payments, reimbursements and savings for trips.
Ever since its launch, the company has enjoyed consistent 5-star reviews from travelers and was named a top travel insurance provider. And Faye expects to grow its revenue fivefold this year alone, serving hundreds of thousands of travelers worldwide. At the same time, the company is also focused on forging new partnerships with top brands, travel agencies, and distribution partners that are looking to provide consumers with a modern and delightful travel experience.
Faye 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 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.
This is 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.
Faye is the second startup founded by travel enthusiasts Elad Schaffer (CEO) and Daniel Green (CTO). In the coming months, Faye also 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 protection can cover travelers’ flights, hotels, health (including pre-existing conditions), luggage, and even their pets – all through 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. With 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.
KEY QUOTES:
“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.”
– Faye Co-Founder & CEO, Elad Schaffer
“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.”
– Stephanie Choo, Partner, Portage Ventures
