BNPL player Uplift secures $68m credit line
Uplift, the leading enterprise Buy Now, Pay Later (BNPL) solution serving over 100 of the world’s top travel brands, announced today they have secured a new $68 million credit line from Atalaya Capital Management.
Uplift is among a class of prominent Buy Now, Pay Later companies that are experiencing rapid growth to meet consumer demand. To date, Uplift has raised a total of approximately $695 million since its founding in 2014.
“This additional financing from Atalaya solidifies Uplift’s standing as the market leader in Buy Now, Pay Later for travel,” said Uplift’s CEO Brian Barth. “The injection of credit positions us to efficiently fund the rising transaction volume we anticipate as travel demand rebounds in 2021. It also frees up equity for us to launch important strategic growth initiatives next year.”
The additional funds will help Uplift extend financing to Uplift customers who want to book now and pay over time for travel purchases in the New Year. Uplift is expected to exceed $1 billion in transaction volume over the next 18 months in flexible payments for leisure travel purchases. Uplift’s enterprise BNPL solution is available for purchases from the world’s leading travel brands including United Airlines, Carnival Cruise Line, Southwest Vacations, and many more.
By offering financing to Uplift, Atalaya Capital Management is also casting a vote of confidence in Buy Now, Pay Later as a method of payment and as a business model. “Buy Now, Pay Later has become another mainstream way to responsibly pay for a variety of consumer purchases,” said James Intermont, a Principal at Atalaya Capital Management. “Uplift has a strong market position with an enterprise solution that works for merchants while making it easier for consumers to purchase leisure travel.”
Uplift has partnerships with major travel brands, including airlines, cruise lines, and hospitality companies, to help those companies’ customers book travel early and pay over time. Uplift’s personalized, targeted offer engine helps match the right payment plan to the right customer, unlocking higher conversions and lifetime customer value for travel brands.