LONDON - Continuing its upward trajectory of roll out across Europe and the United States, fast-growing fintech Fly Now Pay Later, which offers shoppers a new, and more flexible way to finance travel, has partnered with ChargeAfter, the leading global network of personalized buy now pay later (BNPL) and point-of-sale financing for merchants.
Under the agreement, Fly Now Pay Later will be added to ChargeAfter’s global point-of-sale financing portfolio in the UK and US. Fly Now Pay Later will be the first travel-specific installment payment option available on the platform.
ChargeAfter is the market-leading BNPL network that connects retailers and lenders to offer consumers personalized point-of-sale financing options during shopping and at checkout from multiple lenders when and where they are ready to shop. Merchants on the ChargeAfter platform include leading iconic national retailers across travel, home appliances, furniture, mattresses, consumer electronics and automotive, amongst other verticals.
As a travel-centric lender, Fly Now Pay Later will be available to ChargeAfter travel partners and enable them to provide flexible payment options for their customers. Travelers using ChargeAfter and Fly Now Pay Later can now easily apply for affordable installments for their next flight, cruise, car rental or booking by filling out a quick online application at checkout or at the counter while receiving and accepting a personalized offer in seconds.
With Fly Now Pay Later’s integration into ChargeAfter, US and UK 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 into installments over time.
“Payment flexibility is playing an integral role in the travel industry’s recovery strategy as it provides consumers with lower upfront costs, thus increasing conversion rates for travel merchants at checkout and ultimately converting lookers into bookers” said Fly Now Pay Later Chief Executive, Jasper Dykes.
“There are millions of people globally who need a frictionless way to finance their flights.”
“We share ChargeAfter’s mission to create a new generation of credit by providing transparent alternative BNPL financing with flexible payment options designed for every shopper, regardless their financial or banking history.
“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."
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.
“Partnering with Fly Now Pay Later enables ChargeAfter to take another step forward in our ongoing mission of democratizing credit, and placing the power of choice in payments back into the hands of the consumer. As ChargeAfter continues to expand and onboard segment-focused lenders such as Fly Now, Pay Later; Airline, Cruise, OTA’s, and other travel related services can now easily and effortlessly provide their guests and travelers with affordable installments that are customized to their unique financial needs in just seconds directly on the website at the time of purchase”, said Meidad Sharon, CEO of ChargeAfter. “ChargeAfter merchants see approval rates ranging between 80-90%. Part of the success in delivering industry leading approval rates is being able to provide our merchants and their consumers with leading, and modern lenders that have eCommerce know-how, and that are able to work with a wide-variety of merchants across new, growing and expanding verticals.”
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.