Electronic transfers

Travel insurance startup Faye raises $8M in seed funding

Whole-trip travel insurance startup Faye announced on Tuesday that it has raised $8 million in seed funding, led by Viola Ventures and F2 Venture Capital, with participation from Portage Ventures, Global Founders Capital (GFC) and former NBA player Omri Casspi. The news follows the company exiting stealth mode last month to introduce its travel coverage and healthcare offering to US consumers.

Faye’s platform covers travelers’ travel, health, belongings and even their pets, all through an app that sends proactive real-time alerts, provides 24/7 access to customer experience specialists, allows users to file claims digitally, and quickly pays approved claims. claims via electronic transfers to Faye Wallet. Via Faye Wallet, travelers can also receive prompt reimbursements for travel inconveniences (such as delayed luggage and flights) and instantly use the funds to buy what they need most rather than paying out of pocket.

“Travel insurance has become synonymous with long, jargon-filled policies that leave travelers confused rather than knowledgeable. The claims process can be slow and bureaucratic and can be time-consuming and excessively paperwork-intensive,” said the CEO of Faye, Elad Schaffer, who founded the company with CTO Daniel Green “Faye is coming to market as a solution to these problems, at a time when consumers are considering travel more than ever and are looking for solutions to take care of their lives. “them on the road. We’re here to meet their growing expectations and transform travel insurance from a forgettable add-on into a must-have benefit that enhances the overall travel experience.”