London fintech raises £35m for UK and EU expansion
A London fintech startup has announced that it has raised £35m to expand its UK and EU operations.
Fly Now Pay Later, an alternative payment provider, has raised £35m in a combination of new equity and debt investment led by asset management firm, Revenio Capital, as well as Shawbrook Bank and BCI Finance.
The startup will use the funding to support its product offering in the UK including further development of its payment technology.
The investment will also see expansion into Europe beginning with Germany in the second quarter of 2020, followed by France later this year.
Jasper Dykes, CEO of Fly Now Pay Later, commented; “Few industries have been affected as significantly as tourism in the wake of COVID-19.
“Many companies have been affected and we are not different. This investment is a welcome boost to the sector, and provides us with adequate cash flow to help steer us through these challenging times.
“It’s predicted that once lockdown restrictions begin to ease, airlines will need to recoup costs - leading to unavoidable price rises in the future.
“There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights.
“Likewise, for many businesses to operate internationally, flying is an essential requirement for employees.
“Fly Now Pay Later offers travellers a flexible and affordable way to pay for travel. By removing financial boundaries, we hope to open the post-COVID 19 world for travellers and reconnect people with their friends and families around the globe”.
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