Momondo Group secures £10 million financing for global expansion

Online travel media and technology company Momondo Group has secured £10 million working capital credit.

Online travel media and technology company Momondo Group has secured £10 million working capital credit.

The facility will be used to provide additional liquidity as the business pursues its on-going growth strategy through global expansion and product development, the parent company of Cheapflights, momondo and Skygate said.

The financial support has come from Silicon Valley Bank, claimed to be the bank of the world’s most innovative businesses and their investors.

Alan Martin, chief financial officer at 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.”

Momondo’s three core brands operate dedicated sites in more than 30 countries and in 20 languages.