Amadeus Ventures has invested in FLYR – a start-up firm that helps travellers lock-un the price of flight tickets before they book.
When travellers search for fares through an OTA, metasearch site or airline website, FLYR’s FareKeep gives them the option to hold a specific fare and protect it from increases for a small fee.
With machine learning and algorithms inspired by the financial services industry, FLYR helps OTAs, metasearch and airline sites to dynamically price the fee for holding a fare based on how likely it is that a price may change.
Logitravel is one of the early adopters of FLYR’s technology and has already implemented the FareKeep solution in its platform in Spain and Portugal.
Tomeu Bennasar, CEO or Logitravel, commented:
“Our goal is to bring value to our customers by offering them the services that fulfil their needs and make for a better user experience, which helps us build customer loyalty. With FareKeep, we are able to offer more flexibility to travelers and engage with them in new and different ways during the fare lock to bring more value to them and boost the chances of conversion.”
FLYR has found that out of 100 fare locks, up to 30% are converted into a booking, representing a significant opportunity for travel sellers and airlines to increase revenues as well as reduce the cost of finding new customers.
Amadeus first invested in FLYR in April 2016 and since then, it has worked with FLYR to develop an even better service to customers than before, while supporting FLYR’s growth.
With Amadeus’ partnership, FLYR will also be able to work on new product developments.
Amadeus Venturesporate venture arm of Amadeus IT group, is a travel venture fund which invests in start-ups sitting at the crossroads of travel and technology.
It’s the corporate venture arm of Amadeus IT group and Amadeus launched this fund in 2014.
FLYR is the latest addition to a portfolio that also includes start-ups such us Bluesmart, BookingPal, Yapta, Olset and Evature.