Faye, an AI-powered travel protection platform, raised $50 mn in Series C funding, bringing total funding to $100 mn. Madrona led the round, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures.
The company said it will use the capital to accelerate its next growth phase, including expansion into new markets and deeper partnerships with online travel agencies, airlines, cruise lines and other travel brands.
Faye also plans more investment in AI across underwriting, traveler assistance and claims, where speed and automation now shape the economics of travel protection.
By year-end, Faye expects AI to resolve more than half of all claims autonomously. The company also expects 75% of remaining claims to close on first touch, a metric that matters in travel insurance because customers often need cash, documents or support while still away from home.
Faye’s product suite includes its app for protection and traveler care, distribution platforms for travel agencies, OTAs and airlines, and AI-first systems for policy and claims management.
The company says travelers use the app to buy coverage in as little as 60 seconds, file claims digitally within minutes and receive approved reimbursements directly into mobile wallets during a trip.
The new funding also supports Faye’s travel fintech work. The company plans to build on Faye Wallet, with tools designed to help travelers manage money more cost-effectively during trips and access support when disruptions create pressure far from home.
Faye launched in 2022 and says it became the fastest-growing and highest-rated travel insurance provider in the US within four years.
The company has expanded beyond traditional travel insurance by linking protection, fintech, traveler care and travel intelligence inside one product experience.
The Series C follows a busy year for Faye. The company opened a new US headquarters in Richmond, Virginia, received TIME Best Invention recognition for the Faye app and earned a place among U.S. News & World Report’s top travel insurance providers.
Elad Schaffer, Faye’s co-founder and CEO, said travelers and travel distributors need more than traditional protection. They need a platform that anticipates their needs and supports them through the full journey, he said. Schaffer said Faye doubled revenue over the past year and strengthened its position in AI-powered travel protection. According to him, the funding supports global expansion and the company’s plan to build travel care for millions of travelers and partners.
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.
Faye Co-Founder & CEO, Elad Schaffer
Steve Singh, managing director at Madrona, said he has spent his career building in travel and sees rare founder-market fit at Faye. He said travel is being rebuilt around the traveler, and Faye is becoming the brand people use for support before, during and after trips.
Chris Picardo, partner at Madrona, said future insurance platforms will compete on more than risk pricing. They will win through the full customer relationship, product quality, pricing, coverage and support when travel goes sideways. According to Picardo, Faye is building that model for modern travelers.
Faye also extends its platform to partners through the Faye Advisor Portal and fully embedded APIs.
Travel agencies, airlines, cruise lines, OTAs and other distributors use the system for distribution, servicing, claims and payments, giving them more visibility into traveler journeys and a cleaner process from booking through claims resolution.
The company says its traveler and partner products have generated thousands of five-star reviews. For insurers and travel distributors, the bigger point sits in the operating model: faster claims, embedded distribution, payment tools and AI-led servicing packed into one travel protection platform.
