Last Updated on August 6, 2026 by TMB
Travel insurance provider Faye has announced $50 million raised in Series C funding. This brings its total funding to $100 million, with its latest round supported by F2 Venture Capital, Viola Ventures and Lumir Ventures.
This is the latest in an ongoing winning streak for Faye, which became one of the fastest-growing travel insurers in the last few years. With its newfound funding, Faye says that it plans to expand partnerships, explore new regions, and increase its leveraging of Artificial Intelligence (AI) tools.
Faye Makes an AI Leap
From its inception, AI has been a huge part of the company’s setup. Specifically, there is heavy use of AI to resolve claims. Having more funds means that Faye will invest even more in the technology, with plans to have AI resolve half of all claims by the end of 2026. It is also looking to have three-fourths of claims resolved in one touch, putting an end to the often tedious process of getting funds to customers.
According to Faye Co-Founder & CEO, Elad Schaffer, “This milestone represents our commitment to continuing that innovation, expanding globally and building the future of travel care for millions of travelers and partners worldwide.”
Among its other plans are developing deeper relationships with airlines, cruise lines, travel companies, and much more. Faye Wallet, one of the company’s biggest successes thus far, will see major improvements that will help users better navigate their finances while away from home.
Earlier this year, the Israeli company opened the doors of its new U.S. headquarters in Richmond, Virginia, proving its staying power even amidst the complexities of the AI and travel market.
AI in the Travel Space
AI has been implemented in virtually every commercial industry we can imagine, and Faye has shown just how the travel sector can benefit. Using its app, users can instantly buy travel insurance, file claims, and have them reviewed instantly. The travel insurance industry is worth billions of dollars, and by creating greater access and convenience around it, Faye has hit a sweet spot.
“The best insurance platforms of the future will excel at more than pricing risk – they will win by owning the customer relationship end to end for a magical experience […] We’re thrilled to lead this round and to partner with founders rethinking what the travel experience feels like,” said Madrona Partner, Chris Picardo, about this latest funding round.
