Colibra is one of the newest fast-growing "fintech" companies in Bulgaria, specializing in flight compensations for delayed or cancelled flights. In just a year and a half of operational activity, Colibra has attracted tens of thousands of customers from 164 countries around the world, won large funding from European and American venture funds and continues to grow its team of professionals.
The company's main product is a free mobile app, which pays its users a guaranteed compensation in 24 hours, every time their flight delays by 1 hour or more or gets cancelled. Using Colibra's service, the passengers agree to share their potential right to receive compensations for 3+ hours flight delays (under EU261 Regulation) so they can get paid for flights no airline would compensate (1 to 3-hour delays). In the event of 3+ hours delays, Colibra collects the amount due from the airline, takes the market-average fee and redistributes the rest among all Colibra members with 1h+ flight delays and cancellations.
Due to the fact that Colibra covers any flight delay of 60 minutes or more, regardless of the reason (bad weather, strikes, technical problems, etc.), a frequent traveller, who uses the app, receives money on average 20 times more often compared to a passenger relying on the EU 261 Regulation. According to Eurostat data, every 20th flight gets delayed over an hour, and only 1 in 360 flights gets delayed over 3 hours as a result of airline fault. The innovative business model of Colibra allows many more passengers to receive compensations much easier, faster and without seeking their rights in court.
The app serves also as a boarding pass wallet - users receive detailed information about all changes related to their flight in real-time (delays, gate changes, rerouting, etc.). For several months now, Colibra has been paying compensations in Bitcoin as well.