Funding

Insurance-Based Faye Scores $50M in Series C Funding

Aug 6, 2026 | By Devin Jacobs

SUMMARY

Faye raised $50 million in Series C funding.
Faye provides an AI-powered travel protection platform.
The funding will expand its AI platform and grow the business.

Faye, a Richmond, Virginia-based provider of an AI-powered travel protection platform, has raised $50 million in a Series C funding round led by Madrona, bringing the total to $ 100 million.

The round also saw participation from BRM, Portage, F2 Venture Capital, Viola Ventures, and Lumir Ventures.

The company will use the fresh capital to expand into new markets, grow partnerships across the travel industry, strengthen AI capabilities and expand its travel fintech offerings.

Funding Snapshot

Metric	Details
Fundraise Amount	$50 million
Total Funding	$100 million
Valuation	Undisclosed
Company	Faye
Sector	TravelTech / InsurTech / FinTech / AI
Headquarters	Richmond, Virginia, US
Funding Stage	Series C
Lead Investor	Madrona

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About Faye

Founded in 2019 by Elad Schaffer, Motti Bebchuk, Daniel G., Faye is an AI-powered travel protection platform that combines travel insurance, financial services, real-time assistance and travel intelligence in a single digital experience.

The company has expanded beyond conventional travel insurance by providing travelers with digital claims, mobile-wallet reimbursements, telemedicine, connectivity and concierge services through its app.

Core offerings include:

Digital travel insurance
AI powered claim's management
Traveler assistance, and concierge services
Mobile wallet reimbursements
Travel fintech services
Telemedicine, and eSIM connectivity

Core Technologies / Products / Services

Capability/Product	Application/Use Case
Faye App	Purchase coverage and manage travel protection digitally
AI Claims Management	Automates claims processing and resolution
AI Underwriting	Supports faster and more intelligent risk assessment
Traveler Assistance	Provides real-time support during trips
Mobile Wallet Payouts	Enables fast reimbursement for approved claims
Travel FinTech	Adds financial tools to the travel protection experience

Leadership Comments

Faye Co-Founder & CEO, Elad Schaffer: "Travelers and travel distributors deserve more than traditional protection - they deserve a platform that anticipates their needs and supports them throughout their journey. Over the past year, we've done just that while also doubling our revenue and strengthening our position as the leader in AI-powered travel protection.

Madrona Managing Director, Steve Singh: "I've spent my career building in travel, and generational founders in this space are rare. The Faye team is that caliber. Travel is finally being rebuilt around the traveler, and Faye is emerging as the brand people reach for to take care of all their needs before, during, and after their trip.