Travel financing platform UpLift announced on Thursday it is expanding its lending capacity to $200 million and close financing of $90 million as its UpLift Pay Monthly feature gains rapid adoption across the travel industry. UpLift reported its $75 million credit facility is in partnership with funds managed by affiliates of Fortress Investment Group LLC. The $15 million equity round includes participation from previous investors including PAR Capital with Draper Nexus, Highgate Ventures, and former Expedia CEO Erik Blachford joining the round. Founder and CEO Brian Barth stated:
“There is an acute need for travel-specific solutions that make consumer travel more affordable, accessible and rewarding, while providing upside revenue opportunities for suppliers without any operational impact. The technologists that created meta-search have created UpLift Pay Monthly, the only solution that provides fixed monthly payments at low interest rates and also allows consumers to pay with their favorite co-branded credit cards, earning points and miles. The capital events announced today allow us continue to scale and accelerate our solution across travel categories and worldwide.”
Blachford then added:
“UpLift’s solution benefits both travelers and the world’s biggest travel brands. I’m excited to participate in an innovation that is changing the way consumers book and pay for travel, allowing them to maximize and enjoy travel experiences as they never have before.”
UpLift Pay Monthly notably helps travel providers build top line revenue and increase conversion by providing consumers with simple to understand monthly payments integrated in the booking process. UpLift Pay Monthly is now available to travelers booking with American Airlines Vacations and soon, Vacation Express and Lufthansa German Airlines. They join previously announced partners as UpLift continues to expand across the travel industry.