Travel paytech company Swiipr – a Platinum Sponsor of the co-located FTE EMEA and FTE Ancillary & Retailing events, Dublin, 11-13 June 2024 – has secured £6 million in Series A funding, led by Octopus Ventures, to help drive the company’s next phase of growth.
As the world’s first airline specialised payments platform, Swiipr is enabling airlines to digitise disruption payments, enhancing the passenger experience and driving cost efficiency by up to 60%. Having launched in 2020, Swiipr is already used by 26 airlines across 70 countries, including a major flag carrier whose 4,000 staff are utilising the platform in over 167 of its airports globally.
Over 500 million global passengers are estimated to be affected by flight disruption each year, costing airlines billions of dollars in pay-outs, as well as significant customer dissatisfaction, reputational damage and regulatory fines, making compensation a board agenda issue for airlines.
“Legacy compensation systems are unfit for purpose,” said Tara Spielhagen, Co-founder and CEO, Swiipr. “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.”
Swiipr’s integrated digital platform, including virtual and physical pre-paid compensation cards and a mobile app, gives airlines the tools they need to solve pain-points for both themselves and passengers, while being fully compliant with the latest passenger rights regulations. For passengers, Swiipr has launched the Swiipr Compensation Card, which enables airlines to distribute funds directly to passengers at the point of disruption (such as denied boarding or lost luggage), and the Swiipr Welfare Card, which enables airlines to instantly distribute food & beverage payments when flights are delayed. The cards offer instant, secure and compliant pay-outs, in a streamlined, digital format that has universal retail compatibility.
The platform also helps airlines slash fraud and processing time, boost loyalty through personalised offers and gain critical customer retail insights. Furthermore, airlines are also able to use Swiipr’s card products for operational and crisis payments for their staff and crew, during trips and delays.
“Swiipr solves a real live global issue for airlines which is only going to become more challenging with climate change,” said Ian Clowes, Co-founder and Chairman, Swiipr. “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.”
Hear more from Swiipr at the co-located FTE EMEA and FTE Ancillary & Retailing events, taking place in Dublin on 11-13 June 2024. Tara Spielhagen, Founder & CEO, Swiipr, is participating in a conference session focused on ‘New approaches to better serving, and supporting passengers, when they need us most’.
View the FTE EMEA and FTE Ancillary & Retailing schedule at a glance >> Register for FTE EMEA and FTE Ancillary & Retailing – one registration provides access to both events >>
