Faye cofounders Elad and Dan credit Omer Hacohen
Faye is an Israeli travel insurance startup. Faye’s insurance app offers comprehensive coverage for travelers, including air travel protection, hotel accommodations, health concerns (including pre-existing conditions), luggage, and even pets. The company raised $31 million in Series B funding, bringing the company’s total funding to $49 million to date.
Founded in 2019 by CEO Elad Schaffer, his second venture, and Daniel Green, the CTO. The company has set ambitious growth targets, anticipating a fourfold increase in its 2023 revenue after amassing millions in premiums during its inaugural year on the market. Additionally, Faye has plans to significantly expand its existing network of travel advisors and distribution partners, currently numbering in the hundreds.
Since its Series A funding last year, Faye has significantly expanded its platform. New features include pre-trip planning tools like vaccine requirements, health mandates, and local plug types, as well as in-trip support such as access to over 20,000 global doctors through telemedicine or in-person appointments. The app also offers local recommendations and emergency contact information.
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These enhancements build upon Faye’s core offerings: instant trip protection, quick and easy digital claims, rapid claim reimbursements accessible through the Faye Wallet, and 24/7 global travel support.
Faye expects to grow its revenue fivefold in 2024 alone, serving hundreds of thousands of travelers around the world. Simultaneously, the company is focused on forging new partnerships with top brands, travel agencies and distribution partners looking to provide consumers with a tech-powered, modern and delightful travel experience.
Faye Co-Founder & CEO, Elad Schaffer: “In just two years Faye has become the most-loved, fastest-growing and highest-rated company in our space. Our sales have grown 10X year-over-year while setting a new standard on customer experience and retention. That’s no small feat, and is a result of our relentless focus on delivering the best technology and highest level of customer care, coupled with our commitment to hiring the best talent out there. We are excited to move into a new phase of growth, creating a robust platform for looking after travelers throughout their entire journey. Those hitting the road with Faye will receive the best insurance experience with our tech-driven holistic coverage and care that enables smarter and smoother trips through personalized travel and financial solutions. Soon, Faye will be every American’s travel protector and companion.”
