Momondo secures funding from Barclays to expand – TravelMole true

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Momondo secures funding from Barclays to expand

Wednesday, 05 Jun, 2014 0

Online travel firm Momondo Group has secured a £5 million credit facility from Barclays to help it make more acquisitions.

Its management team – which runs momondo and Cheapflights brands – has worked with Barclays to put in place a new debt facility so it can move quickly on potential acquisitions and other investment opportunities.

Alan Martin, CFO at Momondo Group, said: "Through the good working relationship we have established with Barclays in recent years, we have been able to secure a revolving credit facility that will give us the flexibility to expand the company, delivering a broader range of engaging travel search products and services, to new users around the world."

It shows further confidence in the travel sector, following RBS’s £7.5 million funding of ski and cruise agent, Iglu.com.

The London-based company, formerly Cheapflights Media Ltd, bought Copenhagen-based travel company momondo in 2011, and rebranded as Momondo Group in 2012, retaining both the momondo and Cheapflights brands.

The company says since the rebrand, it has experienced rapid growth since in the US, Western Europe, Russia and the Nordics, while launching dedicated websites in ten new markets in the past 18 months, including New Zealand, China, Brazil and Mexico.

 

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