Fly Now Pay Later and DigiDoe Secure Fintech Funding

Two payments companies in London... and two different plans.

It’s all about London with Fly Now Pay Later and DigiDoe grabbing some useful funding for their interesting fintech aspirations.

Fly Now Pay Later, a travel payments provider, has closed a $75 million (£55 million) debt funding package provided by funds managed by Atalaya Capital Management to support expansion into the US.

DigiDoe has secured more than £850,000. It says it is the first company in the UK to offer biometrics-based payments to merchants without the presence of a card or phone.

Flying High

Fly Now Pay Later is a buy now pay later (BNPL) player with a presence in the UK, US and EU.

The alternative lender has an interest in B2C and B2B as it enables customers to spread the cost of a trip over 12 monthly instalments (or less) by partnering with travel merchants or directly to consumers through its Anywhere app.

As part of the funding package, Atalaya Capital Management has also provided an equity investment into the fintech business.

The funding follows £45 million of new investment made in the previous two equity funding rounds. Fly Now Pay Later has now raised a total of $150 million (£110 million) in debt and equity funding.

“To have secured another landmark amount during one of the worst slow downs in travel history after it ground to a halt is testament to the efforts of the whole team,” says Fly Now Pay Later Founder and Chief Executive Jasper Dykes.

In the past year, Fly Now Pay Later has entered into new commercial partnerships including Malaysia Airlines and the airline payments network Universal Air Travel Plan.

In July, it signed a deal with Cross River Bank, the New Jersey-based financial services organisation and Banking as a Service provider.

It also made a UK and US link-up with ChargeAfter, a network of BNPL and point-of-sale financing for merchants, making Fly Now Pay Later the “first travel-centric installment payment option available on the platform”.

DigiDoe Does it

Led by investment firm Joint Journey, along with several individual investors, the fresh funding for DigiDoe gives it “a 12-month runway to enhance its proprietary technology”.

DigiDoe sees itself as a “whole new infrastructure for banks, businesses and customers”.

Alexandra Vidyuk, Co-Founder and Executive Director of DigiDoe, states: “While cash has gone out the door and card and phone payment capabilities have soared in recent months, behind the scenes the global payments system is still stuck in the dark ages. DigiDoe is changing all that and more. With our secure, fraud-free solution all you’ll need to pay for dinner in future is your smile.”

With that happy thought on our minds, DigiDoe is currently trialling its patented multi-factor biometrics-based 7D user authentication technology.

DigiDoe’s payments system was designed from scratch and the fintech firm says it can generate around 200,000 transactions per second.

On its website, DigiDoe compares itself to Square and Adyen, and points out its lower fees for in-person transaction and online payments.

Antony Peyton
Antony Peyton is the Editor of eWeek UK. He has 17 years' journalism and writing experience. His career has taken him to China, Japan and the UK - covering tech, fintech and business. Follow on Twitter @TonyFintech.

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