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The LATAM Pass business model: what an airline can take and how to build it

Resources · Case study

LATAM Pass has 56 million members and adds more than 11,000 a day, with 100+ partners and bank alliances such as Santander Chile. LATAM valued it at $5,981 million and used it as collateral for a bond. This guide explains what an airline in the region can take and how to build it with Qurable.

Updated · 5 min read

See the model

Case study note based on public information. LATAM is not a Qurable client.

Public figures on LATAM Pass

LATAM is not a Qurable client. These figures are public and each one carries its source.

  • 56MmembersLATAM Pass CEO, Pauta, 07/30/2026
  • 11,000+new members a dayEl Dínamo, 02/09/2026
  • 10M+passengers a year fly on milesEl Dínamo, 02/09/2026
  • $5,981Mprogram valueBK Associates, May 2025 (La Tercera)

Airline and travel programs on Qurable

  • SKY Airline
  • CU Travel
Read the SKY Plus case

Key takeaways

  1. LATAM Pass has 56 million members, adds more than 11,000 a day and aims for 100 million by 2030.
  2. LATAM valued the program at $5,981 million and used it as collateral for an $800 million bond.
  3. An airline in the region can take partners through a single API and liability by country, with Qurable on top of its current program.

How it makes money

How LATAM Pass makes money.

Three pieces explain the model. Every figure comes from a public source, listed under the table on this page.

  • Scale

    A program that grows every day

    More than 11,000 new members a day and a goal of 100 million by 2030. It has 2.6 million elite members.

    Public figure
    More than 10 million passengers a year fly on miles.

  • Banks and partners

    Long-term alliances

    Banco Santander Chile renewed its alliance with LATAM Pass for five more years. The program has more than 100 partners.

    Public figure
    More than 2 million upgrade requests in 2025.

  • Financial asset

    The program as collateral

    A BK Associates study valued it at $5,981 million in May 2025, and LATAM used it as collateral for a bond.

    Public figure
    $800M bond backed by the program.

What your airline can take

Three pieces that work for an airline of any size.

You don't need LATAM's size to use its model. These pieces are added on top of the program you already run.

  • Partners through a single API

    Banks and retailers in each country connect through a single API to award and redeem miles, with every transaction reconciled.

  • Upgrades and ancillaries with miles

    Points plus cash at checkout for upgrades, bags and seats, decided inside the payment.

  • A liability finance can audit

    A double-entry ledger with real-time liability by currency and country: the basis for valuing the program.

How to build it

What LATAM Pass does and how you build it with Qurable.

Each row is a piece of the model and how it is solved on top of your core and your PSS. Sources are under the table.

The LATAM Pass model and how to build it with Qurable
LATAM PassWith Qurable
Scale56 million members; 11,000+ new a day18 million members in programs on Qurable; 17.3 million journeys on a peak day
Partners100+ partners; Santander Chile renewed for 5 yearsPartners connected through a single API, reconciled in the ledger
UpgradesMore than 2 million requests in 2025Points plus cash at checkout for upgrades and ancillaries
Several countriesRegional program across South AmericaOne program with rules, currencies and liability by country
FinanceValued at $5,981M; collateral for an $800M bondReal-time liability by currency and country, and expirations at 30, 60 and 90 days

Sources on LATAM Pass: Pauta, 07/30/2026 · El Dínamo, 02/09/2026 · La Tercera, LATAM Pass valuation · Chócale, Santander and LATAM Pass (2025)

LATAM, LATAM Pass and Santander are trademarks of their owners. LATAM is not a Qurable client. This page uses only public information available as of October 15, 2026. If you find anything outdated, write to us and we will fix it.

With Qurable

A layer on top of your program, no migration to start.

Qurable connects to your program core and your PSS with REST APIs, a sandbox and webhooks. You start with one front and add the rest in stages.

  • Points plus cash at checkout

    Authorize, capture and reverse miles for tickets and ancillaries, decided in ~150 ms.

    Loyalty at the POS and checkout

  • Partners through a single API

    Banks, hotels, car rentals and retailers award and redeem miles, with every transaction reconciled in the ledger.

    Loyalty coalition

  • Wallet and your own card

    A card with your brand: Qurable handles issuance, processing and compliance.

    Airline loyalty

Questions

What people ask about LATAM Pass.

Short answers with public data, and what your airline can take.

56 million, according to its CEO in July 2026. It adds more than 11,000 members a day and aims for 100 million by 2030.

A BK Associates study valued it at $5,981 million in May 2025, and LATAM used it as collateral for an $800 million bond, according to La Tercera.

Partners connected through a single API, points plus cash for upgrades and ancillaries, and liability by country that finance can audit. With Qurable they are added on top of the current program, in stages.

No. This page analyzes LATAM Pass' public model. The airline program running on Qurable is SKY Plus, by SKY Airline.

Last reviewed

Further reading

The overview guide, other programs and the case of an airline on Qurable.

Bring the model to your airline.

In a 30-minute technical session we review your program and show you which pieces Qurable adds on top of your core and your PSS.

Read the documentation