Fly Now Pay Later

About Fly Now Pay Later

Fly Now Pay Later operates as a financial technology company with a specific focus on the travel sector, providing a buy now, pay later (BNPL) solution. The company was founded in London by Jasper Dykes, who conceived the idea after experiencing frustration with the lack of flexible payment options while trying to book a holiday. Established in 2015, the firm was designed to address a gap in the market for installment-based payments for travel-related expenses.

The company's business model is centered on a B2B2C approach, integrating its payment technology with travel merchants, including airlines and online travel agencies. This allows consumers to book flights, hotels, package holidays, and car rentals and spread the cost over a period of up to 12 months. Revenue is generated by charging a transaction fee for its service. Fly Now Pay Later offers its service through partner checkouts and a direct-to-consumer mobile application, branded "Anywhere," which allows users to book travel and manage payments. The platform performs an instant credit check to offer consumers tailored payment plans, with some options available at 0% APR.

Significant milestones for the company include securing a £35 million Series A round in 2020 and a subsequent £10 million top-up in 2021 to fuel expansion in the UK, US, and Germany. In January 2022, the firm closed a $75 million debt funding package from Atalaya Capital Management to scale its operations in the United States, bringing its total raised capital to over $150 million. Key partnerships have been established with companies like Malaysia Airlines, Air Serbia, Kayak, and Worldline. However, in October 2023, the company temporarily paused lending and new customer onboarding to make business improvements. Subsequently, Fly Now Pay Later was acquired by Guavapay, marking a new chapter for the company.