Upway · Investor Deck01 / 15
upway

Wealth management for the points you forgot you had.

The holder-side intelligence layer for loyalty points. See what you own, protect it from devaluation, and make the highest-value move before it evaporates.

The loyalty asset class$100B+ held
The problem02 / 15

Maddie has ~$5,000 in points. She still pays cash to fly.

A real user, not a persona. Which program to move to? Where's the seat? Is it worth it? Nothing she used could tell her, so she paid cash. You almost certainly have $2,000 to $5,000 of this yourself:

Real user · balances as connected
Bilt100,000
Chase UR80,000
Qantas144,000
Est. best-use~$5,069
Scattered

A dozen accounts, no single view

Cards, airline miles, hotel points, partner balances, statuses, and credits, all in separate logins.

Illegible

A balance is not a value

The same points can be worthless or worth thousands, and no tool tells you which.

Depreciating

It silently loses value

Programs devalue without notice; windows close; it all moves against the holder.

Unactionable

Every tool solves one piece

Trackers show a number. Search tools find one flight. Nobody manages all of it.

Her 80,000 Chase points = $800 cashed out or ~$2,400 of flights she'd have paid cash for.

Maddie is 40M+ Americans (our estimate, disclosed). Billions in new points are issued every year, and much of that value is never redeemed.
The insight03 / 15

Loyalty quietly became a $100B+ asset class. The holder never got a manager.

Airlines already borrow against their loyalty ledgers. Co-brand cards are the profit engine. The most valuable asset in the system is the points ledger, yet the holder still sees scattered balances and stale portals.

Asset class today$100B+
Trajectory→ ~$400B
Americans flying blind40M+
Asset-class figures are industry estimates; holder count is an Upway estimate.
Loyalty became finance · 2020-21 collateral valuations
A points program worth ~2× the airline.
UAUnited MileagePlus loyalty program, pledged as collateral
$21.9B
UAUnited Airlines the entire company · market cap
~$11B
$0$30B
~2×: the loyalty program alone was worth about twice the airline that runs it.
And it's not just United:Delta SkyMiles ~$26BAmerican AAdvantage $18-30B
United Airlines SEC 8-K, 12 June 2020; American & Delta per airline financing disclosures & appraisals, 2020-21.
Why now04 / 15

Impossible 24 months ago. Obvious 24 months from now.

Force 01 · Loyalty as finance

Points now move like financial assets

Airlines borrow against them; issuers depend on them; program rules change faster than holders can track.

MileagePlus pledged · 2020$21.9B
Force 02 · AI-readable accounts

Models can finally parse hostile data

Account pages, inbox confirmations, transfer rules, and award charts are now machine-readable enough to manage.

Accounts machine-readable2023 →
The forces cross2026
NOW · 2026 2020 · $21.9B pledged 2023 · models read accounts the category opens Loyalty as finance AI can read accounts 2015 2020 2023 2026
Product05 / 15

One live statement for everything you hold.

ConnectEvery accountcards · airlines · hotels · inbox
SeeReal valuebest-use dollars, not balances
ProtectFrom decaydevaluations & expiries, early
ActBest movethe highest-value redemption

One connection turns scattered balances into a live, real-dollar position. A balance is not a value; Upway shows the difference.

Guided one-tap execution ships next.

Found above cash-out+$2,999
Maddie's portfolio · from slide 03 · illustrative values
Upway · Portfolio statementLive
Estimated best-use value
$5,069
Upway found +$2,999 above cash-out value.
CU
Chase Ultimate Rewards80,000 pts · transferable
$2,400$800 cash-out
BR
Bilt Rewards100,000 pts · Hyatt / Aeroplan
$1,500$550 cash-out
QF
Qantas Frequent Flyer144,000 pts · illustrative devalues ~Aug
$1,169$720 cash-out
Recommended move → Use Chase via Hyatt before cashing out; move Qantas before the next award-chart change.
What's built06 / 15

Built and running today. Not slideware.

The full connect → value → book loop runs today at app.upway.travel.

The whole loop, live
39
chat tools live · adviser · wallet · search · trips · booking
01Connect every account
02See one real-dollar position
03Book the award flight, in chat
What's shipped

The core loop is real, not mocked:

Award + cash searchPortfolio valuationIn-chat bookingDevaluation alertsTransfer optimizer
Demand signal
100

on the early-access waitlist; investor demos in progress.

The brain agents call07 / 15

Every AI travel agent needs a loyalty brain. We're building it.

When ChatGPT or Claude answers "is this award worth it?", something has to price the points. Today nothing can. Upway is that answer, one call to the loyalty brain.

01 · The ask

"Get me to Tokyo on my points"

A traveller asks an AI agent, or asks Upway directly.

02 · The call

The agent calls Upway

One connector to the loyalty brain: valuation, availability, the best move.

03 · The answer

Priced, and bookable

"78K points via Virgin, save $2,400, move before August." Not a guess.

Why it's defensible08 / 15

Anyone can get the data. Only we know what to do with it.

Moat 01 · Connectivity

We read accounts the programs keep messy on purpose

Holder-authorized access across programs built not to be portable. The hard, durable problem.

Moat 02 · Vantage

The only view of the whole position

Connected to everything you hold, Upway sees value, risk, and movement no single airline or issuer can.

Moat 03 · Compounding

Every move teaches the engine

Each valuation, alert, and executed redemption feeds back in. The advice sharpens with every holder.

The dependency answer
Open data, closed brain.
Swap the underlying availability feed in weeks. What you can't swap is the engine that turns raw availability into "40K points → Hawaii, business, save $2,300" for someone who doesn't know what a transfer partner is. We open-source the community data; the brain stays proprietary.
Market09 / 15

A currency 40M+ people hold, and no one manages.

The estimated $100B+ of outstanding loyalty value is the backdrop (context, not a claimed TAM). 40M+ Americans and millions of Australians hold points they can't price or use; the serviceable wedge is the ~2M premium-card holders across AU + US whose points Upway can actively manage.

Holders
~2M
AU + US premium-card & frequent-travel holders with fragmented points.
×
Value managed
~$3K
Points, miles, certificates & credits managed per active holder.
×
Take
~2%
Subscription + booking commissions + card kickbacks + exchange spread.
=
Serviceable ARR
~$120M
The consumer wedge, before the B2B expansion.
all inputs Upway estimates · to validate
~2M holders  ×  ~$3K managed  ×  ~2% take  =  ~$120M
Take blends ~$5/mo Pro subscription + booking commissions + card kickbacks + eventual exchange spread; in validation.
Phase two · two engines10× larger

Same brain, bigger holders: Upway for Business (team & business-card travel) and Upway-as-API (the loyalty brain every travel app and AI agent calls).

Landscape10 / 15

Everyone owns one corner. The whole picture is open.

The open quadrant · nobody's here
Everyone else · one corner each The programs' own side Holder-side ↑ Supply-side ↓ ← One tool Whole position →
Mindtrip · Otto · Laylabook cash · read no points
AwardWalletshows the balance
MaxRewardswatches card perks
seats.aero · point.mefinds one flight
Issuer portalssell their own corner
Benji · Points.compoints exchange, firm to firm
Upwaymanages the whole position

General AI planners (Mindtrip, Otto, Layla) book cash trips and never read your points. Watchers show one balance; search finds one flight; the programs won't build against their own breakage. The holder's whole position stays open.

Business model11 / 15

Monetize trust, not confusion.

Three stacking engines that blend to the ~2% take.

Free · holder layer

See & protect

Portfolio view, valuation, risk flags, cash-booking paths. Genuinely useful. This is distribution and trust.

Bookingscommission per cash booking
Cardskickback per approved card referral
Pro · management layer

Manage & act

Proactive monitoring, deeper redemption tooling, richer alerts, guided action.

Pro~$5/mo subscription · in validation
Latera cut when we move value for you
Every engine stacks: Pro holders still book (commission) and still take the right-card recommendation (kickback). Three engines, one holder.
95% free · the moat
5% Pro

Free tier is the moat; Pro is the margin. Never gate the first "what are my points worth?" moment.

How we grow12 / 15

How we get users: a free answer people can't help sharing.

Connect once, and see you're sitting on $5,000 you forgot you had. That is a screenshot people send straight to the group chat.

Viral hook

The shareable moment

The free "what are my points worth?" reveal is built to be sent. Every share is a warm signup at zero ad spend.

Community

Where they already are

The points community is dense and loud online, creators, Reddit, FlyerTalk. We meet them there, not with paid ads.

B2B compounds B2C: every company on Upway for Business brings its whole team, and each teammate is a holder we keep for life.
Team13 / 15

Founder-market fit: one founder ships the product, one owns the market.

KF

Kyle Fitzsimmons

Founder · product & engineering

Aviation-obsessed operator who built the Upway platform end-to-end.

RMIT Aviation · RPL pilot7 yrs building consumer & travel products
HF

Harry Fiske-Kealy

Co-founder · brand & commercial

Owns brand, creative, social, and commercial go-to-market. The audience and revenue motion.

Fuji Xerox · 8 yrs B2B salesToke Collective · founder
Vision · Open Source Travel14 / 15

What PayPal did for the checkout, Upway does for travel.

Nothing today connects your cards, banks, programs, and trips, and acts on all of it. The wedge is the points manager. The prize is the layer every travel dollar routes through.

01
Today · the wedge

The points manager

Every program, card & credit in one holder-controlled position. Live today.

02
Next · the travel OS

Every trip, one place

Plan, book, redeem, and manage with your people. Same engine for teams: Upway for Business.

03
Endgame

Open Source Travel

The open infrastructure of travel: data and rails open so everything builds on it, and every trip, and every AI agent, routes through.

Open · how it gets bigthe data · the rails · distribution
Closed · why it stays oursthe brain · the margin
The ask15 / 15

$1.5M to win the wedge and build the rail.

$1.5M
USD · Seed · SAFE · raising to grow, not to build
Growth & GTM50% · fast-growth sales & marketing, make it go viral
Data infrastructure25% · the live data rails the engine runs on, at scale
Team & runway25% · key hires, 18-24 months
Read-only, holder-authorized access. An adviser, not a money transmitter.
Growth 50%Data 25%Team 25%
Built already. Raising to grow. The product is live at app.upway.travel, so this round is a fast-growth sales & marketing team, viral distribution, and the data infrastructure the engine runs on, not more build. Putting a manager on 40M+ holders’ side, starting with Maddie, and raising now to close. Upway does the homework. The holder makes the call.
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