Hiventures invests in Flight Refund

Transport

Hiventures, the venture capital fund manager of the state-owned Hungarian Development Bank (MFB), has injected HUF 250 million into Flight Refund, a Hungarian startup that manages airline passengersʼ compensation claims, Flight Refund owner Gergely Bánfai said on Wednesday.   

Flight Refund intends to use the fresh capital to consolidate its position in Central and Eastern Europe and open new offices in Romania, Malta and Spain, Bánfai said. Flight Refund is active in eleven countries at present, state news wire MTI reported.

Under European Union rules, airline passengers are eligible for compensation if their flight is cancelled, delayed by more than three hours, or if they are bumped off because of overbooking.

However, just 10% of passengers eligible for such compensation actually file a claim, a potential market Flight Refund aims to exploit.

Passengers are legally entitled to receive financial compensation that can range between EUR 250 and EUR 600 per person.

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.

Support the BBJ

Industry