Fly Now Pay Later secures US$75m for US expansion

Fly Now Pay Later, a British fintech company that provides consumers around the world with a more flexible and alternative way to finance travel, has secured a US$75 million debt financing package from funds managed by Atalaya Capital Management to support its expansion into the United States, the world’s largest travel market.

Fly Now Pay Later will leverage the new funding to expand and develop its operational footprint in the world’s largest travel market, with online commercial aviation in the United States recovering to pre-pandemic levels. The New York-based financier has also made an equity investment in the company as part of the fundraising package.

The alternative payments provider has now raised a total of US$150 million in debt and equity finance to enable worldwide expansion, building on £45 million of additional investment made in the previous two equity funding rounds.

Fly Now Pay Later reached the milestone in less than six years of operation, during which time it successfully weathered 18 months of extraordinary travel sector turmoil.