Pioneered by Priceline and AirBNB, Travel-Tech is signaled by Silicon Valley VCs at the magic quadrant along with Auto-Tech Insurance-Tech. MyleFly, a marketplace for air miles, is set on disrupting how we use and sell our frequent flyer air miles.
The number of air miles or points earned globally today is estimated to be at more than 20 trillion, or roughly $40 billion in airline tickets. In comparison, the annual number of awarded tickets issued by airlines in North America alone exceeds 20 million.
Until recently, however, the most air mile owners could do with their points is use them on various airline stores in exchange for merchandise or barter miles at Points.com, losing most of its value.
Founded by Tal Moskovich, MyleFly puts control back in the hands of frequent fliers, by allowing them to cash-in on awarded air miles through a fully automated process. In fact, MyleFly’s price algorithm for frequent flyers is so efficient that the value it pays for the miles is, in most cases, significantly higher than the value of those miles had they been used for flight tickets in economy class. A typical example is paying Lufthansa frequent flyers $560 more than the value they receive for their miles had they used it themselves in economy class.
HOW MYLEFLY WORKS
The platform which supports over 20 leading airlines generates a pool of heavily discounted flight tickets that travelers can purchase online at a significantly reduced price, sometimes even up to 27% off their value. To date, 130M miles have been traded via the MyleFly platform.
MyleFly offers its flight tickets directly to travel agencies around the world except for the Israeli EL AL airlines, where its tickets are automatically generated for directly via the MyleFly website. This will also be rolled out to additional airlines.
In the fully automated process, the company selects a seller from its inventory, books the award flight, pay the taxes, and diverts its share. Purchasers receive an e-ticket in their name from the airline. The seller, on the other hand, receives money in exchange for the air miles they’ve accumulated and sold via MyleFly.
MyleFly’s main solutions include: buying air miles from private individuals and making an immediate Paypal or bank transfer for the transaction; The sale of airline tickets is likely to be heavily discounted in comparison to the actual market price of that same ticket.
According to Moskovich, the idea for the project started during his frequent flights while he worked as the business development manager of a subsidiary of France Telecom. After studying the subject for a number of years, he founded the company in 2012. In 2015 it began to serve as a trading platform for the purchase and sale of air miles, mainly to travel agencies around the world who specialize in loyalty programs. Moskovich noted that “the growth of our sales is rapid and viral, due to the references of satisfied customers, who cashed in their air miles and recommend the service to their friends and work colleagues.”
Founded by Tal Moskovich in 2012, MyleFly puts control back in the hands of frequent fliers, by allowing them to cash-in on awarded air miles through a fully automated process provided by MyleFly. The platform which supports over 20 leading airlines generates a pool of heavily discounted flight tickets that travelers can purchase online at a significantly reduced price, sometimes even up to 27% off their value. To date, 130M miles have been traded on the MyleFly platform.