Swiipr, a travel paytech company specialising in airline disruption payments, has secured £6 million in Series A funding led by Octopus Ventures. This funding round will support the company’s continued development and global expansion as it aims to enhance how airlines manage compensation for flight disruptions.
With regards to the new funding, Co-founder and Chairman of Swiipr, Ian Clowes said, “Swiipr solves a real live global issue for airlines which is only going to become more challenging with climate change. Now, thanks to Octopus, our Series A capital will enable us to enhance our solutions even further and accelerate our growth helping us to achieve our vision of eliminating compensation friction points wherever they exist”.
Early this month, we had an interview with Michalis Michaelides, Director of Sales and Business Development at BPC, who talked about how fintech is changing the world from bus rides to border payments.
What problem is the startup solving
Flight disruptions, including denied boarding and lost luggage, affect millions of passengers every year. These disruptions not only cause inconvenience for passengers but also create significant challenges for airlines. Traditional methods of handling disruption payments, such as paper vouchers and bank transfers, are often time-consuming, inefficient, and prone to fraud. Additionally, these methods can damage customer satisfaction and lead to regulatory fines for airlines.
Swiipr aims to address these challenges by offering a comprehensive digital platform for airline disruption payments. This platform includes features like:
- Virtual and physical prepaid compensation cards: These cards allow airlines to instantly distribute compensation funds to passengers at the point of disruption. Passengers can then use these cards for immediate purchases at retailers and restaurants that accept Mastercard or Visa payments.
- Mobile app: The Swiipr mobile app provides a user-friendly interface for both airlines and passengers to manage disruption payments.
- Swiipr Welfare Card: This card allows airlines to distribute food and beverage payments to passengers during flight delays.
Benefits for airlines and passengers
Swiipr’s technology offers a range of benefits for both airlines and passengers:
- Improved passenger experience: Faster and more convenient compensation processes can lead to a more positive experience for passengers who experience flight disruptions.
- Reduced costs: Swiipr’s platform can help airlines save money by streamlining administrative processes and reducing fraud.
- Enhanced customer loyalty: Airlines can utilise Swiipr to personalise compensation offers and gain valuable customer insights.
- Compliance with regulations: The platform ensures airlines comply with the latest passenger rights regulations regarding disruption compensation.
Tara Spielhagen, Co-founder and CEO of Swiipr said, “Legacy compensation systems are unfit for purpose. Not only do they cost an airline billions of dollars every year but they also exacerbate disruption and stress. It doesn’t need to be this way in a digital age, and we are proud to have developed a new solution that solves so many pain points. Our airline partners and their customers are already reaping the benefits”
What we think about the startup
Since launching in 2020, Swiipr has gained traction within the airline industry. The company currently works with 26 airlines across 70 countries, including a major flag carrier with 4,000 staff utilising the platform globally. The recent funding round will enable Swiipr to invest in research and development, data analytics, and international market growth.
Swiipr’s innovative approach to airline disruption payments has the potential to improve the travel experience for millions of passengers and streamline operations for airlines. The recent funding round positions Swiipr for continued growth and leadership in this evolving market.
