Fast-growing British fintech Fly Now Pay Later, which offers consumers a new and more flexible way to finance travel, has signed a deal with Cross River Bank, the New Jersey-based financial services organisation and Banking-as-a-Service (“BaaS”) provider.
Under the agreement, Fly Now Pay Later will utilize Cross River’s FDIC License to serve consumers in the U.S. The partnership will also facilitate the rapid rollout of Fly Now Pay Later’s product lines to a range of existing partnerships at checkout, and to a wider direct-to-consumer audience via the business’s ‘anywhere’ app.
It means that US consumers will no longer be required to pay for travel in full at the time of booking – easing the financial burden of arranging a trip and helping to facilitate a smoother and less stressful booking experience, through spreading the cost over time.
A recent study showed that two in three respondents would be more likely to buy from a travel provider if it allowed them to pay in instalments.
The partnership between Cross River and Fly Now Pay Later comes at the perfect time, as travellers gear up to begin exploring the world once again.
“There are tens of thousands of people who have families around the world who need a frictionless way to finance their flights.
By removing financial boundaries, we hope to open the post-covid-19 world for travellers and reconnect people with their friends and families around the globe.
As a trusted financial services organization, Cross River’s expertise and innovation, together with Fly Now Pay Later’s flexibility and affordability, will allow customers an entirely streamlined and stress-free solution when financing travel.”
Defying the downturn, Fly Now Pay Later, founded by CEO Jasper Dykes (32) in 2015, recently secured a further £10m ($14m) in Series A funding, bringing its total to £45m ($62m). It now serves thousands of consumers in the UK, US and Germany.
Fly Now Pay Later is aiming to create over $1B of enterprise value within the next 18 months, driven by the success of its direct to consumer app, checkout integrated solution with and the rapidly expanding Buy Now Pay Later sector.
“Our ability to adapt and build technology to meet the demands of businesses and consumers is what sets us apart.
We’ve seen how consumer behavior has changed in recent months, and now, with our partnership with Fly Now Pay Later, we are excited to fuel new ways to finance travel.”
Since launch in late 2015, Fly Now Pay Later has focused on building a best-in-class product around its audience and their purchasing habits; seeing demand and customer loyalty solidify in the process.
It can be used to book flights, hotels, package holidays, car hire and more and offers frictionless financing options to support businesses and the end consumer.
The service is quick and easy to use, and a credit check is performed almost instantly. Travel providers who are interested in signing up to Fly Now Pay Later should visit https://www.flynowpaylater.com/us/for-business/.
Travellers looking for a quick and easy way to book a trip download the app here.