Capital will accelerate AI investments, strategic partnerships and global expansion
RICHMOND, Va., Aug. 5, 2026 /PRNewswire/ — Faye, the leading AI-powered platform for travel protection, today announced it has raised $50M in Series C funding, bringing the company’s total funding to $100M. The round was led by Madrona, with participation from BRM and existing investors Portage, F2 Venture Capital, Viola Ventures and Lumir Ventures.
Faye, which became the fastest-growing and highest-rated travel insurance provider in the U.S. in just four years, will use the capital to accelerate its next phase of growth. This includes geographical expansion into new markets, growing partnerships with online travel agencies, airlines, cruise lines and other travel brands, and doubling down on AI to make underwriting, traveler assistance and claims faster, smarter and increasingly autonomous. By year’s end, the company expects AI to resolve more than half of all claims autonomously, with 75% of remaining claims completed on first touch.
The investment will also expand Faye’s travel fintech capabilities, building on Faye Wallet‘s success to make it more cost-effective for travelers to manage money throughout their journeys while also accessing the resources they need when navigating stressful moments away from home.
The funding follows a landmark year for Faye, including the opening of a new U.S. headquarters in Richmond, Virginia, recognition as a TIME Best Invention for the Faye app and being named one of U.S. News & World Report’s top travel insurance providers.
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. 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.”
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. I’ve rarely seen a team this well-matched to the moment, and I’m excited to be in their corner.”
Madrona Partner, Chris Picardo: “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. Elad is a generational founder and his amazing Faye team is building exactly that: a world class product, offering the best pricing and coverage for the modern traveler, and standing behind them when something goes wrong. It’s exciting to back Faye and their vision to provide the best traveler care in the world. We’re thrilled to lead this round and to partner with founders rethinking what the travel experience feels like.”
Reimagining Travel Protection
Launched in 2022, Faye has grown into the leading AI-powered travel protection platform, earning more than 20 industry awards while expanding beyond traditional travel insurance to combine protection, fintech, traveler care and travel intelligence in one seamless experience. Through the award-winning Faye app, travelers can purchase coverage in as little as 60 seconds, file claims digitally within minutes and receive approved reimbursements directly to their mobile wallets while in-trip. They can also tap into additional features, including telemedicine while traveling abroad, eSIM connectivity, lounge access, real-time concierge assistance and more.
That same innovation extends to Faye’s growing list of partners, with an end-to-end platform supporting distribution, servicing, claims and payments through the Faye Advisor Portal or fully embedded APIs. Travel agencies, airlines, cruise lines, OTAs and more gain greater visibility into traveler journeys while streamlining operations from booking through claims resolution.
Together, Faye’s traveler and partner experiences have earned thousands of five-star reviews, helping both sides navigate trip disruptions with faster solutions, smarter support and greater peace of mind.
About Faye
Faye is an award-winning travel platform that holistically looks after you when you’re away from home, through strong insurance, real-time intelligence and proactive financial solutions. Combining full coverage, 24/7 support, and near-instant payouts on common travel hiccups straight to your phone’s wallet, Faye has become the highest-rated, fastest-growing and most retentive travel protection provider among Americans. With a quick, friendly, and easy-to-understand approach, Faye has proudly been named a top travel insurance provider by The Wall Street Journal, a TIME Best Invention and a best travel insurance for families by CNBC. Learn more at www.withfaye.com.
About Madrona
Madrona invests in visionary founders and teams across stages from pre-seed to Series C. Founded in 1995 with a Series A investment in Amazon, the firm invests across the technology landscape with a focus on Applied AI, Infrastructure and beyond, from its offices in Seattle and Palo Alto. Madrona was an early investor in companies such as Snowflake, UiPath, Smartsheet, Rover, Redfin, Runway, Statsig, Unstructured and Apptio.
Contact:
Lauren Gumport
Vice President of Communications & Brand
press@withfaye.com
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SOURCE Faye
