Buy Now, Pay Later Travel Leader Uplift Raises $68M in Credit Financing to Support Rapid Growth in Anticipation of 2021 Travel Industry Rebound
Buy Now Pay Later Becomes Mainstream Payment Model for Travelers in 2021
MENLO PARK, Calif., Jan. 7, 2021 /PRNewswire/ -- Uplift, the leading enterprise Buy Now, Pay Later (BNPL) solution serving over 100 of the world's top travel brands, announced today they have secured a new $68 million credit line from Atalaya Capital Management. Uplift is among a class of prominent Buy Now, Pay Later companies that are experiencing rapid growth to meet consumer demand. To date, Uplift has raised a total of approximately $695 million since its founding in 2014.
"This additional financing from Atalaya solidifies Uplift's standing as the market leader in Buy Now, Pay Later for travel," said Uplift's CEO Brian Barth. "The injection of credit positions us to efficiently fund the rising transaction volume we anticipate as travel demand rebounds in 2021. It also frees up equity for us to launch important strategic growth initiatives next year."
The additional funds will help Uplift extend financing to Uplift customers who want to book now and pay over time for travel purchases in the New Year. Uplift is expected to exceed $1 billion in transaction volume over the next 18 months in flexible payments for leisure travel purchases. Uplift's enterprise BNPL solution is available for purchases from the world's leading travel brands including United Airlines, Carnival Cruise Line, Southwest Vacations, and many more.
By offering financing to Uplift, Atalaya Capital Management is also casting a vote of confidence in Buy Now, Pay Later as a method of payment and as a business model. "Buy Now, Pay Later has become another mainstream way to responsibly pay for a variety of consumer purchases," said James Intermont, a Principal at Atalaya Capital Management. "Uplift has a strong market position with an enterprise solution that works for merchants while making it easier for consumers to purchase leisure travel."
Uplift has partnerships with major travel brands, including airlines, cruise lines, and hospitality companies, to help those companies' customers book travel early and pay over time. Uplift's personalized, targeted offer engine helps match the right payment plan to the right customer, unlocking higher conversions and lifetime customer value for travel brands.
About Uplift
Uplift is the leading Enterprise Buy Now, Pay Later solution serving over 100 of the world's top travel brands. Through personalized, flexible payment options, Uplift helps consumers take control of their budget and experience a world of travel. With a complete range of payment options, Uplift drives higher conversion, revenue, and customer loyalty for their merchant partners. To learn more, visit Uplift.com
About Atalaya Capital Management
Atalaya Capital Management is a privately held, SEC-registered, alternative investment advisory firm. Atalaya primarily focuses on making private credit and special situation investments in three principal asset classes –specialty finance, real estate and corporate. Founded in 2006, Atalaya is headquartered in New York City and has more than $5 billion in assets under management. For more information visit https://www.atalayacap.com/
SOURCE Uplift
Share this article