Faye, the AI-powered travel protection platform recognised as a TIME Best Invention and named a top provider by The Wall Street Journal, has closed a $50m Series C funding round, taking its total capital raised to date to $100m.
The round was led by Madrona, with participation from BRM alongside existing backers Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures.
Faye plans to put the fresh capital towards entering new geographical markets, deepening ties with online travel agencies, airlines, cruise operators and other travel brands, and pushing further into artificial intelligence to speed up underwriting, traveller support and claims handling.
The firm expects AI to autonomously settle more than half of all claims by the close of the year, with three-quarters of the remainder resolved the first time a customer makes contact.
Alongside the AI push, the new funding will go towards broadening Faye’s FinTech offering, building on the traction already achieved by Faye Wallet, so that travellers can manage their money more affordably throughout a trip and get support during difficult moments away from home.
Founded in 2022, Faye has expanded from a conventional travel insurance offering into a combined protection, FinTech, traveller support and travel intelligence platform, picking up more than 20 industry accolades along the way. Through its app, customers can buy cover in under a minute, submit claims online within minutes and have approved payouts sent straight to a mobile wallet while still travelling. The app also offers telemedicine access abroad, eSIM connectivity, airport lounge entry and round-the-clock concierge support.
On the partner side, travel agencies, airlines, cruise lines and OTAs can plug into Faye’s distribution, servicing, claims and payments infrastructure through its Advisor Portal or via embedded APIs, giving them fuller visibility across the traveller journey from booking to claims resolution.
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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