Faye Expands Beyond Insurance With OTA Launch

Travel insurance startup Faye is entering the online travel agency space, signing Ski.com as its first official partner in a move the company calls a “natural evolution.” The expansion comes just three years after Faye’s launch and shortly after reaching $100 million in sales, a milestone CEO and co-founder Elad Schaffer credits to a blend of technology innovation and focused execution.

The PhocusWire Hot 25 Startup for 2025 is widening its focus to become more than just a provider of travel insurance. According to Schaffer, Faye aims to act as a full-service travel companion, delivering support and value throughout the travel journey. The company plans to offer insurance products tailored to high-value segments like luxury travel, short-term rentals, group travel, and cruises.

Faye is also extending its core platform to include “travel care,” a concierge-style service designed to assist travelers during disruptions. This includes help with rebooking flights, recovering lost passports, and managing other real-time challenges on the road. The concept is designed to integrate seamlessly with Faye’s insurance coverage, offering proactive assistance and eliminating the traditional claims process for many common travel issues.

Schaffer explained that Faye’s systems can often detect flight cancellations before airlines notify passengers. This allows the company to offer compensation immediately without requiring users to file a claim. It’s part of a broader strategy to integrate travel intelligence, allowing the platform to monitor potential disruptions and respond proactively on behalf of customers.

The expansion into OTA territory allows Faye to connect with travelers at the moment of purchase and offer relevant add-ons. Recent launches include an eSIM product, with airport transfers, lounge access, and other ancillary services in the pipeline. By embedding itself deeper into the traveler journey, Faye aims to differentiate through a bundled, tech-enabled approach that merges travel insurance, real-time assistance, and embedded fintech.

Faye’s fintech capabilities include its proprietary wallet that offers real-time reimbursements, with additional payment features under development. These offerings are designed to improve the traveler experience and remove friction often associated with traditional travel insurance and customer service.

The U.S. market remains a major focus for Faye’s growth. Schaffer noted that the country remains “underpenetrated and underserved” in terms of modern travel insurance solutions, presenting a significant opportunity for continued expansion and innovation.

A year ago, Faye raised $31 million in Series B funding with the goal of broadening its insurance and fintech product suite. That capital is now helping the company move into more integrated travel experiences, beginning with its new OTA offering.

With a clear focus on proactive service, embedded intelligence, and diversified revenue streams, Faye is positioning itself not only as a disruptor in travel insurance but also as a travel tech platform redefining how travelers manage their journeys from booking to return.

Tags: phocuswire, SyndicEx250803B

Faye Expands Beyond Insurance With OTA Launch

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