Travala.com, the vacation website that allows users to pay with cryptocurrency, is in talks with potential buyers after receiving an unsolicited acquisition proposal late last year, according to two people with knowledge of the matter.
The Binance-backed company received an inquiry, prompting Travala advisors to approach major online travel agencies, such as Booking.com, one of the largest online travel companies in the world.
Booking.com “kicked the tires” before deciding to pursue a potential acquisition, said the people, who spoke on condition of anonymity because the matter is private. However, talks are underway with other potential buyers, but there is no certainty a deal will be reached and the company could choose to remain independent, the people said.
Travala declined to comment. A Booking.com spokesperson confirmed that Travala had been in touch, there were a couple of calls sharing more information, and ultimately Booking.com decided not to proceed.
The company could be valued at more than $100 million, the sources said. It had more than $100 million in revenue last year and that number is expected to grow exponentially by 2025.
Cryptocurrency exchange Binance will have a say in whether a deal is reached or not. He is a large minority owner of Travala and has a seat on its board of directors. Binance declined to comment.
Travala is a Singapore-based crypto-native travel platform founded in 2017 that has its own loyalty rewards token AVA, which has a market capitalization of $47 million. The token has lost 40% this year.
Travelers can pay for their vacation in over 100 different cryptocurrencies, in addition to using traditional payment methods. As part of the AVA Smart program, customers who book their travel with cryptocurrencies can receive up to 10% cashback in bitcoin (BTC) or AVA, discounts or token bonuses.
Booking.com is owned by Booking Holdings (BKNG), which is listed on the Nasdaq stock exchange.
