Airbnb expects to post a decent profit in this financial year.
According to a source close to the company, Airbnb has managed to secure $1 billion in debt financing from a couple of U.S banks so as to aid its news services and expand its finances.
According to the source, the U.S banks includes Bank of America Corp, JPMorgan, Morgan Stanley and Citigroup Inc.
Airbnb had raised more than $100 million in a funding round in 2015. This year it expects to breakeven and even make a decent profit.
Both, Bank of America and Citigroup declined comment. While, representatives from Morgan Stanley and JPMorgan were not immediately available for comment outside regular U.S. business hours.
Recently, traditional hotels and travel companies, including Expedia and Priceline, have come under increased pressure from startups such as Airbnb.