Momondo Group, one of the world's leading online travel businesses, announced today that it has secured a £10M working capital line of credit fromSilicon Valley Bank, the bank of the world's most innovative businesses and their investors. Momondo will use this facility to provide additional liquidity as the business pursues its ongoing growth strategy through global expansion and product development.
Momondo Group is an online travel media and technology company that is driven by the belief that an open world is a better world. The Group has a portfolio of three core brands, Cheapflights, momondo and Skygate, and operates dedicated sites in over 30 countries and territories around the world, in more than 20 languages. Momondo Group offers travel search and inspirational travel information, advice and tips to millions of people around the globe – enabling them to find the options that best suit their needs.
Alan Martin, CFO, Momondo Group, said: "This financing strengthens our business as we continue the development of core offerings across our brands and accelerate expansion into new markets. Working with Silicon Valley Bank isn't just about financing, it's about having a supportive partner who truly understands the needs of fast-growing technology businesses."
Roshan Wijayarathna, Director at Silicon Valley Bank, said: "The future of the travel industry is being shaped by innovative businesses, like Momondo Group, that are disrupting traditional sector practices and enhancing the overall user experience. Silicon Valley Bank is delighted to provide Momondo with additional capital and corporate banking services both in the UK and the US as their management team pursues their growth strategy on a global scale."
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative businesses and their investors move bold ideas forward, fast. SVB provides a range of targeted financial services and expertise through its office in the UK. With commercial and international banking services, SVB helps address the unique needs of innovators. Forbes named SVB one of America's best banks (2015) and one of America's best-managed companies (2014). In 2014, SVB was recognised as Service Provider of the Year for the third year in a row at the Investor Allstar Awards in London.
Learn more at www.svb.com/uk.
Silicon Valley Bank is registered in England and Wales at 41 Lothbury, London EC2R 7HF, UK under No. FC029579. Silicon Valley Bank is authorised and regulated by the California Department of Business Oversight and the United States Federal Reserve Bank; authorised by the Prudential Regulation Authority with number 577295; and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Silicon Valley Bank is a subsidiary of SVB Financial Group (NASDAQ: SIVB), a Delaware corporation and is an affiliate of SVB Financial Group UK Limited.
About Momondo Group
Momondo Group is an online travel media and technology company that is driven by the belief that an open world is a better world. The Group now serves travel search and inspiration to over 17.5 million visitors a month – plus 8 million travel newsletter subscribers – via its Cheapflights (www.cheapflights.co.uk) and momondo (www.momondo.com) brands. Skygate began the sourcing of complex air-travel data in 1992, whilst Cheapflights pioneered the online comparison of flight deals for users in 1996 and momondo launched meta-search in the Nordic countries from 2006.
For more information, please visit: www.momondogroup.com.