Faye, the trailblazing travel platform, has successfully secured $31m in Series B funding, escalating its total capital to $49m.
This latest financial injection was led by Portage Ventures, alongside contributions from Lumir Ventures. The funding round also saw continued support from existing backers such as F2 Venture Capital, Viola Ventures, and Munich Re Ventures.
Faye operates at the intersection of travel and FinTech, offering a suite of services that transform how travelers experience insurance and assistance. Their comprehensive coverage includes everything from proactive trip monitoring to swift claims processing, all powered by their cutting-edge technology.
Elad Schaffer, co-founder and CEO of Faye, said. “In just two years Faye has become the most-loved, fastest-growing and highest-rated company in our space. Our sales have grown 10X year-over-year while setting a new standard on customer experience and retention.
“That’s no small feat, and is a result of our relentless focus on delivering the best technology and highest level of customer care, coupled with our commitment to hiring the best talent out there. We are excited to move into a new phase of growth, creating a robust platform for looking after travelers throughout their entire journey.
“Those hitting the road with Faye will receive the best insurance experience with our tech-driven holistic coverage and care that enables smarter and smoother trips through personalized travel and financial solutions. Soon, Faye will be every American’s travel protector and companion.”
The platform has introduced several new features since its last funding round, such as pre-trip essential information, access to over 20K telemedicine doctors, and app recommendations for local travel insights. These enhancements build upon Faye’s initial offerings, which allowed users to secure their trips in seconds and manage claims effortlessly via their app.
Looking ahead, Faye plans to utilize this investment to propel growth, innovate new products, and expand operations, including scaling up their U.S. headquarters in Virginia and their offices in New York, Florida, and California.
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