Travel insurance startup Fay announced it has raised $31 million in Series B funding, bringing the company’s total funding to $49 million.
The round was led by global investment platform Portage, with additional investments from Lumir Ventures, F2 Venture Capital, Viola Ventures and Munich Re Ventures, which also led the company’s $10 million Series A funding in 2023.
Since then, Fay has made further improvements to the platform, which now includes pre-travel essentials for travelers to learn about vaccines and health mandates, telemedicine access to doctors around the world, app recommendations, emergency phone numbers and more.
Since launching its travel insurance app in 2022, Fay continues to offer new developments including faster claims resolution, 24/7 support, real-time trip monitoring and fast fintech solutions that enable travel payments, refunds and savings.
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In addition to the new enhancements, the company said it plans to expand its U.S. headquarters in Virginia and grow existing offices in New York, Florida and California.
“We’re excited to move into a new phase of growth, building a powerful platform that supports travelers across their entire journey,” said Elad Shaffer, co-founder and CEO of Fay. “When people travel with Fay, they get the best insurance experience with tech-driven, comprehensive coverage and care that enables smarter, smoother travel through personalized travel and financial solutions.”
Stephanie Chu, Partner at Portage Ventures, added, “This is an underserved and often overlooked market, but there is untapped value to be captured. Portage is as bullish as ever on the next generation of fintech companies and is excited to support the team’s efforts to build Faye into one of the world’s largest platforms serving the needs of travelers.”
