May 23, 2023 – Just a year after introducing its product in the United States, travel insurance startup Faye revealed that it had raised USD 10M in Series A funding, increasing the company’s total capital to USD 18M. Munich Re Ventures and previous backers Viola Ventures and F2 Venture Capital led the investment. Menora Tech and Mike Nelson, the last CEO of Allianz’s Global Travel Insurance, are additional investors.
For travelers leaving from the United States, Faye’s proactive and comprehensive travel insurance solution has already provided unrivaled value, leading to widespread acceptance, continuous 5-star evaluations, and a sizeable number of customers who have already traveled with Faye many times in less than a year.
Faye made millions of dollars in premiums in its first year on the market and anticipates quadrupling its revenue in 2023 alone. Additionally, the company intends to double more than the number of its hundreds of distribution partners and travel consultants.
The company’s Travel Advisor Portal, a one-stop shop where travel advisors and agencies can conveniently offer, learn about, and administer travel insurance with Faye, was just recently launched when the fundraising announcement was announced. Additionally, the business unveiled a freshly created API to facilitate easy integration with travel distributors that seek to provide consumers with a new level of travel security fully integrated into their products.
Elad Schaffer, co-founder and CEO of Faye, stated that the company has a unique perspective on travel insurance. Travel insurance was frequently viewed until Faye as a service that provided reimbursement. In Faye’s strategy, travel insurance combines on-the-spot help, trip notifications, a 24-hour concierge, and financial assistance. Our responsibility is to ensure your experience runs smoothly and leaves the perfect impression. We’ve created a product that people will want to use forever, so taking Faye with you is as evident as packing your passport. This strategy is effective because we continue to notice month-over-month increases in the number of travelers using Faye and using it again.
With the first 100% digital, customer-focused travel insurance for Americans, Faye is revolutionizing insurance by allowing better, quicker help and claim resolutions. With its innovative technology, Faye’s whole-trip protection offers 24/7 immediate worldwide assistance, prompt reimbursements, and an app where you can handle everything from booking your travel to making claims.
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