Business

Argentine travel firm Despegar raises $200 million and buys Brazilian Koin

The value of the acquisition of Brazilian company that offers installment solutions was about BRL 20 million

Decolar is the Brazilian subsidiary of the Argentine company Despegar. Photo: Shutterstock
Ler em português
  • Despegar said it intends to use the amount received from Waha Capital and L Catterton for corporate expenses and potential acquisitions;
  • Despegar had a second-quarter loss of $57 million.

Argentine travel group Despegar announced on Friday that it had raised $200 million in two new investments and closed a deal to buy the Brazilian fintech Koin.

READ ALSO: Airbnb bans parties in properties listed on its short-term rental platform

Despegar said it intends to use the amount received from Waha Capital and L Catterton for corporate expenses and potential acquisitions. The acquisition of Koin, a company that offers online installment solutions via Brazilian boleto bancário, was made with the capitalization of receivables from Decolar.com, Despegar’s Brazilian subsidiary, in the total amount of BRL 20 million ($3,5 million), the company said. Despegar said it has been offering Koin’s installment payment solution in Brazil since early 2019.

READ ALSO: Decolar, Brazilian subsidiary of the Argentinian Despegar, shows signs of recovery

Despegar had a second-quarter loss of $57 million, against a negative result one year before of $16.5 million. The adjusted Ebitda was negative by $65.8 million after a negative result of $7.3 million in the second quarter of 2019.