Travel protection platform Faye has secured $50 million in Series C funding to accelerate its global expansion and deepen artificial intelligence capabilities across its mobile-first platform. The round was led by Madrona, with participation from BRM, Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures. The latest investment brings the company’s total capital raised to $100 million since its founding in 2022.
Faye operates an integrated mobile application that combines travel insurance, financial services, traveller support, and real-time travel insights. The company plans to deploy the new capital to enter additional markets, strengthen partnerships across the travel and mobility sectors, and advance automation in claims processing, underwriting, and customer support.
Chief executive officer Elad Schaffer said the funding will support Faye’s goal of handling more than half of all claims automatically through artificial intelligence this year. The company also expects 75 percent of remaining claims to be resolved during a customer’s first support interaction using AI-driven tools.
Beyond claims automation, Faye is expanding its travel Fintech offerings through Faye Wallet, a digital wallet that enables travellers to receive reimbursements quickly and manage expenses while abroad. The platform already allows users to purchase travel protection in approximately one minute, submit digital claims within minutes, and receive approved payouts directly to their mobile wallets. Ancillary services include telemedicine access, eSIM connectivity, airport lounge access, concierge assistance, and real-time travel updates.
Madrona managing director Steve Singh described Faye as rebuilding the travel experience around travellers rather than traditional insurance products, positioning the company as a long-term leader in modern travel protection.
The company recently opened a new United States headquarters in Richmond, Virginia. Faye has been recognised as a TIME Best Invention and a U.S. News top travel insurance provider. Revenue from its digital-first travel protection business more than doubled over the past year, driven by strong adoption across multiple markets. The platform has earned more than 20 industry awards since launch.
Faye continues to expand partnerships with travel agencies, distribution platforms, airlines, and cruise operators worldwide. These collaborations aim to simplify insurance management, claims processing, and customer service across the broader travel ecosystem.
