Faye secures $31 million in Series B funding round

The fresh capital will be used to fuel growth, develop new products, and scale operations across its insurance, travel and fintech services

Faye, a US-based travel insurance start up, has secured $31 million in a Series B funding round led by Portage.

The funding round saw participation from Lumir Ventures, as well as continued support from existing investors F2 Venture Capital, Viola Ventures and Munich Re Ventures.

Faye is engaged in offering travel insurance coverage that is said to include features like smarter and faster claims resolutions, 24/7 assistance, real-time trip monitoring with alerts, and fintech solutions for payments and reimbursements.

Faye’s growth plans include a fivefold revenue increase this year, aiming to serve hundreds of thousands of travellers worldwide.

In line with its expansion strategy, Faye is actively seeking new partnerships with leading brands, travel agencies and distribution partners to offer consumers a tech-powered travel experience.

The fresh capital will be used to fuel growth, develop new products, and scale operations across its insurance, travel and fintech services.

The firm also plans to invest in its US headquarters in Virginia and enhance its offices in New York, Florida and California.

Faye’s protection plans cover different aspects of travel such as flights, hotels, health (even pre-existing conditions), luggage and pet care.

Faye co-founder and CEO Elad Schaffer said: In just two years Faye has become the most-loved, fastest-growing and highest-rated firm in our space. Our sales have grown 10x year over year while setting a new standard on customer experience and retention.

That is no small feat, and is a result of our relentless focus on delivering the best technology and highest level of customer care, along 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 travellers throughout their entire journey, Schaffer added.

Portage Ventures partner Stephanie Choo said: We have been following Faye’s journey from the beginning and are excited to see the firm marry both travel and fintech solutions in order to deliver holistic care to travellers. This is an underserved and often overlooked market with untapped value to capture.