SVB extends £10m to UK online travel company

The UK-based Momondo Group, which runs travel website Cheapflights, is seeking to expand is global reach.

Silicon Valley Bank (SVB) has extended a £10 million (€13.8 million; $15.4 million) working capital line to online travel business Momondo Group.

The UK-based internet company will use the facility to continue its global growth strategy through product development.

Momondo Group has three core brands – Cheapflights, Momondo and Skygate – which operate dedicated sites in 30 countries in 20 languages.

SVB is providing Momondo with capital and corporate banking services in the UK and the US.

Roshan Wijayarathna (pictured), director at SVB, 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.”

Alan Martin, chief financial officer of the Momondo Group, added: “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.”