Faye raises $50m to accelerate AI-driven travel protection platform
The investment will support international expansion and increased automation as AI continues to reshape claims handling and traveller assistance
US travel protection provider Faye has secured US$50 million in Series C funding as it accelerates investment in artificial intelligence (AI), international expansion, and new partnerships across the travel sector.
The funding round, led by venture capital firm Madrona with participation from existing investors including Portage, BRM, F2 Venture Capital, Viola Ventures, and Lumir Ventures, brings the company’s total funding to $100 million.
Faye said the investment would support the continued development of its AI-powered travel protection platform, with a particular focus on automating underwriting, traveller assistance, and claims management.
The company expects AI to resolve more than half of all claims autonomously by the end of the year, while aiming for three-quarters of remaining claims to be completed following the first customer interaction.
The company also plans to expand into new international markets and strengthen partnerships with online travel agencies, airlines, cruise operators, and other travel brands, alongside further investment in embedded travel protection and financial services.
“Travellers and travel distributors deserve more than traditional protection – they deserve a platform that anticipates their needs and supports them throughout their journey,” said Elad Schaffer, Co-Founder and CEO of Faye.
Travel insurers and assistance providers continue to invest heavily in AI to improve operational efficiency, reduce claims processing times, and deliver more personalised support throughout the customer journey.
Rather than limiting AI to back-office processes, the industry is increasingly deploying the technology across the entire traveller experience, from policy purchase and disruption management to claims settlement and post-trip support.