Product: Fly Money
Category: Emerging Company
HQ: Tel Aviv, Israel
Principal(s): Tal Ekroni, Ben Aviram, Gilad Shlang
Funding: $1.4M by well-known business angles
Product Description: Fly Money helps travelers pay like locals. We enable travelers to use local payment methods when shopping during vacation, pre-ordering it directly from leading travel websites. After booking a flight/hotel/car/insurance, travelers can receive their selected currency in various payment methods: cash, prepaid card, or mobile wallet. Fly Money bridges the financial behavioral gaps using a transparent, digital experience, generating high engagement of travelers, with use in every vacation.
Business Model: 1) B2B2C: Partnerships with OTAs, airlines, travel insurance and financial institutions, sharing the revenue with them; 2) B2C: Direct marketing with Google and Facebook, with low CPA and high LTV.
Competitors: Direct-marketing channels of traditional payment solutions: banks, credit cards, airport exchange, mobile wallets, prepaid cards
Competitive Edge: 1) Deep integrations with currency providers; 2) 18% conversion rate from visitor to customer; 3) extremely low CPA in both partnerships with travel websites cross-selling channels and in direct.
Market Opportunity: In the past four years, 150 local payment methods emerged. The new mobile wallets, pre-paid cards and debit cards are inaccessible for inbound travelers and cannot used by outbound travelers. This fragmentation led to lots of friction in the $720B market of in-destination shopping experience, and influences nearly 1.2B travelers/year in need of exchanging currency towards their trips.
Early Customers: 100k international travelers, financial institutions, 30 travel partners