Swiipr’s Series A funding round was led by prominent UK VC investor Octopus Ventures, with additional funding provided by TX Ventures and Solano Partners.

Swiipr’s platform aims to replace traditional and archaic methods of airline compensation distribution, such as paper vouchers, cash and bank transfers. Instead, Swiipr’s platform offers virtual and pre-paid compensation cards which allows direct access to disruption funds which includes compensation for lost baggage and expenses incurred due to flight delays. Swiipr is currently used by 26 airlines across 70 countries.

Tara Spielhagen, co-founder and CEO of Swiipr, commented on the significance of the funding, stating, “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.”

The funding will be used for research and development, product enhancements and international expansion towards more airlines.

Speilhagen added: “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.”