Faye raises $50 million to expand AI-powered travel insurance platform

Travel insurance technology company Faye has raised $50 million in Series C funding, bringing its total capital raised to $100 million. The funding round was led by Madrona, with participation from BRM and existing investors including Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures.

The company intends to use the capital to support international expansion and develop partnerships with airlines, cruise companies, and online travel agencies. A primary focus will be the advancement of Faye’s AI capabilities, which are being applied to underwriting, traveler assistance, and claims processing. Faye aims to have AI resolve more than half of all claims autonomously by the end of 2026.

Additionally, Faye is expanding its fintech offerings through the Faye Wallet, designed to deliver digital reimbursements to travelers during their trips. The company reported that its revenue doubled over the past year as it grew its presence in the U.S. travel protection market.