Tuesday, May 28, 2024 Swiipr, a travel paytech company revolutionizing the airline industry’s outdated and inefficient disruption payment systems, has secured £6 million in Series A funding. This funding round was led by Octopus Ventures and will support the company’s next phase of growth. As the world’s first airline-specialized payments platform, Swiipr enables airlines to digitize disruption payments, significantly enhancing the passenger experience and reducing costs by up to 60%.
Launched in 2020, Swiipr is already used by 26 airlines across 70 countries, including a major flag carrier whose 4,000 staff use the platform in over 167 airports globally. Each year, an estimated 500 million global passengers are affected by flight disruptions, costing airlines billions of dollars in payouts, as well as causing significant customer dissatisfaction, reputational damage, and regulatory fines. This makes compensation a critical issue for airline boards.
Traditional paper vouchers are time-consuming to process, susceptible to fraud, unpopular with retailers and passengers, and environmentally unsustainable. Bank transfers can take months to process, physical cash is insecure and costly to handle at airports, and loyalty points and future travel vouchers are often unpopular. Swiipr’s integrated digital platform includes virtual and physical prepaid compensation cards and a mobile app, providing airlines with the tools needed to address these challenges for both themselves .
