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Momondo Group secures GBP10m working capital line of credit from Silicon Valley Bank

On-line travel business Momondo Group has secured a GBP10 million working capital line of credit from Silicon 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 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, says: “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 (pictured), Director at Silicon Valley Bank, says: “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.”

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