Momondo secures £5 million credit facility from Barclays
Travel search group Momondo has captured a £5 million from Barclays Bank to arm its acquisition and expansion warchest.
The company behind metasearch site Momondo and deals publisher Cheapflights says the “revolving credit facility” will be used to fund its ongoing plans to launch in new markets and “move quickly to secure future acquisition”.
The latest financial support comes two months after it released its first financial results for many years, with revenue across the group increasing by 29% year-on-year to £14.5 million for the first quarter of 2014, and EBITDA over the same period up by a third to £3.2 million.
It is forecasting revenue of around £50 million for 2014.