GetYourGuide's Latest Financial Moves Hint at Future Acquisitions

The pandemic has dramatically hurt the business of tours and activities operators. Yet, one of the largest online travel agencies for booking such experiences has had little problems getting access to funds. GetYourGuide, a Berlin-based agency, said Monday it had received a loan of $97 million (€80 million) from a consortium of banks, led by Unicredit. The credit facility comes just months after GetYourGuide's October raising of a $134 million (€114 million) convertible debt note. Why does GetYourGuide need the money? After all, its expenses dropped during the crisis, with less need to buy advertising on platforms like Google to attract customers. Labor costs also dropped after the company laid off nearly one out of six workers in the fall. The company still has financial reserves leftover from its May 2019 raising of $484 million in venture capital in a round led by venture capital giant SoftBank Vision Fund.