Faye, an AI-powered travel protection platform known for its app and claims payouts, has secured $50 million in a Series C funding round, elevating its total funding to $100 million.
The funding round was led by Madrona, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures. The capital is designated for expanding Faye’s operations into new international markets, strengthening partnerships with online travel agencies, airlines, and cruise lines, and further developing its AI tools for underwriting, traveler assistance, and claims handling.
Faye anticipates that its AI capabilities will autonomously settle over half of all claims by the end of the year, with an additional 75% of the remaining claims resolved upon initial contact. Beyond its core protection business, a portion of the funding will support the growth of Faye’s FinTech offerings. The company aims to enhance its existing Faye Wallet product to provide travelers with more affordable options for managing money during trips and to ensure support availability abroad.
This funding round follows a period of growth for the company, which established a new US head office in Richmond, Virginia, received a TIME Best Invention award for its app, and was recognized among U.
S. News & World Report’s leading travel insurance providers.
Founded in 2022, Faye has garnered more than 20 industry accolades for its AI-driven travel protection platform. Its offering extends beyond conventional insurance to include a comprehensive package of protection, financial tools, traveler support, and travel data insights. Through its app, customers can purchase coverage in under a minute, submit claims within minutes, and receive approved payouts directly to their mobile wallets while traveling. Additional features include overseas telemedicine, eSIM data access, airport lounge entry, and live concierge support.
Elad Schaffer, Co-Founder and CEO of Faye, stated, “Travelers and travel distributors deserve more than traditional protection – they deserve a platform that anticipates their needs and supports them throughout their journey. Over the past year, we’ve done just that while also doubling our revenue and strengthening our position as the leader in AI-powered travel protection. This milestone represents our commitment to continuing that innovation, expanding globally and building the future of travel care for millions of travelers and partners worldwide.”
Steve Singh, Managing Director at Madrona, commented, “I’ve spent my career building in travel, and generational founders in this space are rare. The Faye team is that caliber. Travel is finally being rebuilt around the traveler, and Faye is emerging as the brand people reach for to take care of all their needs before, during, and after their trip. I’ve rarely seen a team this well-matched to the moment, and I’m excited to be in their corner.”
