Faye raises $31 million in Series B funding

Travel startup Faye announced it has raised US$31 million in Series B funding, bringing the company’s total funding to $49 million. The round was led by Portage, with participation from Lumir Ventures, along with existing investors F2 Venture Capital, Viola Ventures and Munich Re Ventures.

Since launching its award-winning app to American travellers in 2022, Faye has continued to expand its offering: travel insurance that provides comprehensive coverage and enables faster claims resolutions; 24/7 assistance and companionship for anything that can go wrong in-trip; real-time trip monitoring and alerts; as well as fintech solutions to enable payments, reimbursements and savings for trips.

Elad Schaffer, Faye Co-Founder & CEO, commented: “In just two years Faye has become the most-loved, fastest-growing and highest-rated company in our space. Our sales have grown 10 times year over year while setting a new standard on customer experience and retention.

“We are excited to move into a new phase of growth, creating a robust platform for looking after travellers throughout their entire journey.”

Stephanie Choo, Partner at Portage Ventures, who has joined Faye’s board of directors, added: “We have been following Faye’s journey from the beginning and are excited to see the company marry both travel and fintech solutions to deliver holistic care to travellers.

“This is an underserved and often overlooked market with untapped value to capture. Portage remains bullish as ever on the next generation of fintech companies and we are excited to back the team in their journey to build Faye into one of the world’s largest platforms dedicated to looking after travellers’ needs.”

Faye has made additional enhancements to its platform since its Series A round last year.