Faye

Faye operates an AI-powered travel protection platform that combines travel insurance with traveler assistance, real-time trip intelligence and financial tools. Consumers buy coverage through the Faye app or website in as little as 60 seconds, file claims digitally from their phone mid-trip, and receive approved reimbursements directly to their phone's mobile wallet. Plan types cover domestic trips, international trips and cruises, with quoted pricing starting at $4.36 per day for a 14-day domestic or cruise plan and $5.76 per day for a 14-day international plan.

Coverage spans health (emergency medical expenses, emergency medical evacuation, access to telemedicine physicians), the trip itself (cancellation, interruption, missed connections, delay, non-medical emergency evacuation) and belongings (lost or damaged baggage, delayed baggage, lost passport, lost or damaged sporting equipment). Optional add-ons include adventure and extreme sports, cancel for any reason, cancel for work reasons, vacation rental damage, pet care and rental car coverage. Additional services include 24/7 assistance and concierge staffed by human agents, proactive real-time alerts on flight delays and cancellations, eSIM purchase, airport lounge access, secure document upload and the Faye Wallet fintech product. Policies are underwritten by U.S. carriers rated A+ by A.M. Best as of 2025.

Beyond direct-to-consumer sales, Faye supplies distribution and servicing infrastructure to the travel trade: an Advisor Portal and embedded APIs let travel agencies, online travel agencies, airlines and cruise lines sell and service coverage, with AI-first policy and claims management behind it. The company states it expects AI to autonomously resolve more than half of all claims by the end of 2026, with 75% of remaining claims completed on first touch.

Business model

Faye sells travel protection plans directly to travelers through its app and website on a per-trip basis priced by day, with paid optional add-on coverages. Underwriting is carried out by third-party U.S. insurance carriers. It also distributes through travel intermediaries via the Faye Advisor Portal and embedded APIs, and is building travel fintech services around the Faye Wallet product.

Per-trip insurance plans priced on a daily basis (from $4.36/day domestic and cruise, $5.76/day international for 14-day trips), plus optional paid add-ons; partner distribution through agencies, OTAs, airlines and cruise lines is described as a revenue stream for partners who sell Faye coverage.

Traction

Faye states it looks after millions of travelers and has earned thousands of five-star reviews, with a 4.8/5 rating and reviews spanning Trustpilot, the App Store, Google Play and Reddit. CEO Elad Schaffer said the company doubled its revenue over the year preceding the August 2026 Series C, which brought total funding to $100M. The company reports more than 20 industry awards.

Latest developments

On 5 August 2026 Faye announced a $50M Series C led by Madrona with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures, bringing total funding to $100M. Proceeds are directed at international expansion, partnerships with OTAs, airlines, cruise lines and other travel brands, AI for underwriting, assistance and claims, and expansion of travel fintech capabilities built on Faye Wallet.