Silicon Valley Bank backs Momondo Group with £10m credit line

Travel tech company Momondo Group has secured a £10m credit line from Silicon Valley Bank.

The company behind comparison site Cheapflights says it will use the facility to help it pursue global expansion and facilitate product development.

Momondo is already present in more than 30 countries and operates in more than 20 languages.

“This financing strengthens our business as we continue the development of core offerings across our brands and accelerate expansion into new markets,” said Alan Martin, CFO, Momondo Group. “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, added: “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.”