Established in 2015 with the aim of revolutionizing the travel industry, Fly Now Pay Later capitalized on the Buy Now Pay Later trend, enabling consumers to pay for their purchases through interest-free installments.
The London-based startup explained that the decision to suspend lending and new customer onboarding was made to implement enhancements to its business operations.
Headquartered in the UK, Fly Now Pay Later allows travelers to conveniently spread the cost of booking holidays or trips over a period of up to 12 months.
A statement posted on its website announces a suspension of new customer sign-ups and additional lending activities. The statement reads: “We are presently enhancing our business operations to provide an improved service to our customers. During this period of improvement, we are not accepting new customers or extending further lending. However, please be assured that existing accounts and services will continue without interruption. Our customer service team remains available to address any queries or concerns you may have throughout this phase.”
In January 2022, the startup secured $75 million in debt funding from the US investment firm Atalaya Capital Management, specifically allocated for its expansion in the United States.
During 2021, the company successfully concluded a Series A funding round, raising £45 million. This funding round was spearheaded by asset managers Taurus Wealth Advisor and Revenio Capital.
As per Crunchbase, the total funding raised by the startup amounts to $177.7 million.