Faye, the AI-powered travel protection platform known for its award-winning app and near-instant claims payouts, has raised $50m in a Series C funding round, taking its total funding to $100m.
The round was led by Madrona, with participation from BRM and existing backers Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures.
The fresh capital will support Faye’s expansion into new international markets, deepen its partnerships with online travel agencies, airlines and cruise lines, and fund further development of AI tools for underwriting, traveller assistance and claims handling.
The company said it expects AI to autonomously settle more than half of all claims by the end of the year, with three-quarters of the remainder resolved on first contact.
Alongside its core protection business, the funding will also go towards growing Faye’s FinTech offering. Building on the existing Faye Wallet product, the firm wants to give travellers a more affordable way to handle money on their trips, while ensuring support is readily available during difficult moments abroad.
The raise caps off a strong year for the company, which saw it open a new US head office in Richmond, Virginia, pick up a TIME Best Invention award for its app, and earn a place among U.S. News & World Report’s leading travel insurance providers.
Founded in 2022, Faye has established itself as a prominent AI-driven travel protection provider, collecting more than 20 industry accolades as it broadened its offering beyond conventional insurance into a combined package of protection, financial tools, traveller support and travel data insights. Through its app, customers can buy cover in under a minute, submit claims online in a matter of minutes, and get approved payouts sent straight to their mobile wallets while still travelling. Additional features include overseas telemedicine, eSIM data access, airport lounge entry and live concierge support.
Faye Co-Founder and CEO Elad Schaffer said, “Travelers and travel distributors deserve more than traditional protection – they deserve a platform that anticipates their needs and supports them throughout their journey. Over the past year, we’ve done just that while also doubling our revenue and strengthening our position as the leader in AI-powered travel protection. This milestone represents our commitment to continuing that innovation, expanding globally and building the future of travel care for millions of travelers and partners worldwide.”
Madrona Managing Director Steve Singh said, “I’ve spent my career building in travel, and generational founders in this space are rare. The Faye team is that caliber. Travel is finally being rebuilt around the traveler, and Faye is emerging as the brand people reach for to take care of all their needs before, during, and after their trip. I’ve rarely seen a team this well-matched to the moment, and I’m excited to be in their corner.”
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