Swiipr raises £6m in Series A funding. Source: Shutterstock.com

Swiipr, a travel paytech company, has secured £6m in Series A funding, led by Octopus Ventures, to help drive the company’s next phase of growth. 

Swiipr is enabling airlines to digitise disruption payments. Having launched in 2020, Swiipr is 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.  

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Over 500m global passengers are estimated to be affected by flight disruption each year, costing airlines billions of dollars in payouts as well as significant customer dissatisfaction, reputational damage and regulatory fines, making compensation a board agenda issue for airlines. 

Paper vouchers, in particular, are time-consuming to process and issue, fraud-prone, passenger-unfriendly and environmentally unsustainable

Bank transfers can take months to process, physical cash is insecure and expensive to handle at airports, and loyalty points and future travel vouchers are often unpopular. 

Swiipr’s integrated digital platform, including virtual and physical pre-paid compensation cards and a mobile app, gives airlines the tools to solve these pain points for both themselves and passengers, whilst 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.

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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” 

Co-founder and Chairman of Swiipr, Ian Clowes added:  “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”.