Upgrade Pack Flies Past £5m Seed Funding for Travel Upgrade Platform

Chandrima S.January 28, 20205 min

UK fintech scaleup Upgrade Pack has surpassed £5m in seed funding after finalizing a new £1.5m private investment round today

UK fintech scaleup Upgrade Pack, the first app globally to provide exclusive, discounted flight and hotel upgrades, has surpassed £5m in seed funding after finalizing a new £1.5m private investment round today.

The new finance raises swiftly follows the expansion of the organization into APAC in August last year and will fuel further business growth in the region after strong interest from travel partners and banking clients in 2019. The funding, which increases the market cap of Upgrade Pack to £23m just 18 months after being established, will also facilitate the company entering the North America market, with the inauguration of a Toronto office in H1 2020.

The closed online marketplace of Upgrade Pack connects directly to airline and hotel APIs, providing users with access to live and exclusive premium seat and room upgrades at a typical saving of 15% to 35%.

Upgrade Pack is exclusively distributed through banks and credit card issuers as a premium customer reward, and through corporations as an innovative employee benefit. The company will launch its highly anticipated platform this year after onboarding its first banking client, which will roll out the app to its high-net-worth (HNW) customers.

Craig Unsworth, Group CEO  stated that “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us completely release the commercial potential of Upgrade Pack in 2020 and beyond. Alongside the launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto.”

He further added that “Many investors have said just how compelling and unlike anything else hitting their desks our app is. That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform to live this year.”

Group CEO further continued that “Most of the investors have said just how compelling and unlike anything else hitting their desks our application is. That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It is also a pleasing validation of our strategy of growth through private investment instead of venture capital as we take our platform to live this year.”

 

Chandrima S.

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