Travel rewards redemption company Switchfly (formerly ezRez) has raised $15 million in Series C financing led by StarVest Partners with Azure Capital Partners and Canaan Partners participating. This brings the total capital raised by Switchfly to date to $32 million.
Switchfly is a software company that develops white-label travel commerce and loyalty redemption platforms and a loyalty payments engine for digital wallets. Founded in 2003, Switchfly works behind the scenes with more than 300,000 travel suppliers, loyalty programs and payment providers globally, including AirAsia, American Airlines, United Airlines, Starwood Hotels, Intercontinental Hotels, JetBlue, American Express and PayPal. The company estimates that $750 million in travel transactions spanning 100 countries are processed through this travel platform annually.
The company’s back-end technology that lets you book hotels and rental cars with points and cash through various travel companies’ rewards programs. Collectively, more than 20 billion reward points are redeemed through the platform annually.
Switchfly will also soon offer a new digital wallet product, in partnership with PayPal, that will allow loyalty program members to use points to pay for merchandise and services anywhere PayPal is accepted. And the company recently purchased Topguest, a loyalty program that rewards users for engaging with brands on social networks.
The new funding will be used toward product development and to further expand Switchfly’s global operations.