Apartment-sharing startup Airbnb has secured a $1 billion debt facility from some big U.S. banks to aid its new services and finance its expansion plans, a source close to the company said.
Airbnb, which expects to achieve profitability in 2016, raised over $100 million in a round of funding late last year.
Citigroup and Bank of America (BAC) declined to comment.
Representatives at JPMorgan (JPM) and Morgan Stanley (MS) were not immediately available for comment outside regular U.S. business hours.
Priceline, Expedia and other travel companies have been facing increased pressure in their hotel bookings business from the rise of startups such as Airbnb.