Partnership integrates Fly Now Pay Later's instant credit service with Travel Up Group to significantly boost holiday funding options for its customers, broaden its client base and turn lookers into bookers
London-based, Fly Now Pay Later, the leading alternative finance provider for travel, is pleased to announce its partnership with Travel Up Group, a £200m turnover business and one of the UK's leading online travel operators. The partnership integrates Fly Now Pay Later's innovative online instant credit service with Travel Up Group's leading online holiday platform to significantly boost holiday funding options for its customers and broaden its client base.
Fly Now Pay Later's service is now live for bookings made via the Travel Up platform for domestic and international flights. This will soon be extended to include hotels, package holidays and any other travel related products that have been booked through the holiday provider.
The partnership builds on Fly Now Pay Later's previous high-profile deals with travel groups, such as Moresand Group, where Fly Now Pay Later has integrated its innovative instant credit service into the group's Crystal Travel and Travel Centre platforms, both leading online tour operators. Other leading travel companies Fly Now Pay Later has partnered with include Brightsun Travel, Lycafly (part of the LycaMobile Group) and SkyLord Travel PLC.
Last year, Fly Now Pay Later secured a £20 million funding partnership with Honeycomb Investment Trust to provide Fly Now Pay Later with support to originate and manage a growing loan portfolio and roll out its ground-breaking online holiday credit service across the entire travel sector to boost tour operator performance and help people travel.
Fly Now Pay Later's service enables consumers to spread the cost of their booking over three to ten monthly instalments, paying just a one off transaction fee at the time of booking. Fly Now Pay Later also offers additional consumer protection in the unlikely event of financial failure by a travel provider.
Furthermore, the service offers travel agents, tour operators, airlines and hotel booking websites an easy to integrate platform to help increase conversion rates, increase sales by as much as ten per cent and reduce online payment transaction costs significantly. The platform plugs into travel operators' checkout or call centre and helps customers to more effectively plan their holiday.
Fly Now Pay Later has a strong track record and is the pioneer in providing alternative travel funding solutions. Since its inception, Fly Now Pay Later has helped thousands of customers to finance their holidays and has seen growth of more than five hundred per cent over the past 12 months.
Fly Now Pay Later is on track to help five per cent more of the UK travel market go on their travels, currently worth over £40 billion, with its innovative online payment solutions and is aiming to process in excess of £1B in alternative payments within the next 5 years.
Jasper Dykes, CEO and Founder of Fly Now Pay Later, commented:
"We are delighted to be partnering with Travel Up Group, which is an award-winning online travel operator with a strong brand and a fast-growing cohort of customers. We see this as an exciting opportunity to expand our service to help increase the payment options for its customers and broaden its client base.
The service offers travel operators the opportunity to help increase conversion rates, deliver incremental revenues and introduce an additional revenue stream into their business. We believe it will bring great benefits, such as increasing consumer choice, boosting bookings and travel operator profitability, helping to spur travel market efficiencies and the sector's overall growth.
Over the past few years we have considerably enhanced our service, signed a number of high-profile travel partnerships and significantly increased our lending capability, which puts us on a course for robust growth this year. This will enable us to help travel operators further boost their performance and help consumers to fund their holidays across the entire travel sector."
Ali Shah, CEO of the Travel Up Group commented:
"Our customers are increasingly looking for innovative travel solutions to put them in control of their holiday experience from the planning stage through to booking flights, hotels, car hire, attraction tickets and now payment terms. To give customers more choice of flexible payment options on travel products, Travel Up launched the Fly Now Pay Later initiative on flight only bookings last month and we've already seen hundreds of customers take up this payment option in its first month. We plan to roll out the initiative across all the products of the groups' brands over the coming months and expect this payment method to be an increasingly preferred choice for many of our customers".