The company Despegar revealed the acquisition of the Brazilian fintech company Koin. On the other hand, it was also known that they received an investment of USD 200 million. This was reported from Argentina by the iProUp portal on September 1st.
According to what was published by that media, „the company will use the funds, acquired through separate private equity agreements with Waha Capital and L Catterton, for corporate purposes, including potential acquisitions“.
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The iProUp article detailed: „Despegar and Koin have been working together since early 2019. Through fintech, Brazilians who book with Despegar can pay for their trips in installments. Their business model is based on ‚book now and pay later'“.
In this sense, Despegar stated that the acquisition of Koin is to improve financial services for its clients.
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The article also indicated that, on the other hand, Despegar reported the loss of USD 57 million during this period and that it had a 96 percent drop in reservations on its platform in the Latin American region.
Damian Scokin, CEO at Despegar, commented:
„This past quarter we were affected not only by the natural drop in travel demand, but also by The News Spy restrictions imposed by various governments in the region, which in some countries were quite severe.
He later added:
„It is encouraging that we have seen a positive trend in bookings in both June and July, which has continued during the first two weeks of August.