Series C brings Faye’s total funding to $100 million as the company targets greater automation across underwriting, assistance and claims
Travel insurance technology company Faye has raised $50 million in Series C funding, bringing its total capital raised to $100 million as it expands its AI-powered travel protection platform.
Madrona led the round, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures.
The funding will support Faye’s international expansion, partnerships with online travel agencies, airlines, cruise companies and other travel brands, as well as further development of its AI capabilities.
Faye is applying AI across underwriting, traveler assistance and claims processing, with the company targeting greater automation of the customer journey.
By the end of 2026, Faye expects AI to resolve more than half of claims autonomously, while 75% of the remaining claims are expected to be completed during the first interaction.
The company is also expanding its travel fintech offering through Faye Wallet, which allows approved reimbursements to be delivered digitally to travelers during their trips.
Faye said its revenue doubled over the past year as it expanded its position in the US travel protection market.
Founded in 2022, Faye combines travel insurance, financial services, real-time travel intelligence and traveler assistance through a single platform. Customers can purchase coverage, submit claims digitally and receive reimbursements through its mobile wallet, alongside services including international telemedicine, eSIM connectivity, lounge access and concierge support.
The company also provides technology infrastructure to travel agencies, airlines, cruise companies and online travel agencies through APIs and its Faye Advisor Portal.
The latest funding highlights the growing use of AI in insurance operations, particularly in claims, where travel insurance providers can use structured data and automated workflows to resolve relatively straightforward cases without human intervention.
