Rocket Internet -backed Wimdu is merging with its rival accommodation booking platform 9flats in hopes to withstand Airbnb's rise in Europe. The merger will result in Europe's largest p2p accommodation rental marketplace, the companies claim, with half a million of properties on offer.
Furthermore, the merger should result in 'improved customer choice and experience', and more chances of success through increased scale and efficiency in terms of operations.
No financial terms have been disclosed, but 9flats' current CEO, Roman Bach, will lead the joint entity. He says in a statement:
“I’m excited about joining forces with Wimdu to create one of the largest businesses within the online accommodation industry. The combinedcompany will enable us to create an even stronger value proposition for our guests and hosts, while simultaneously accelerating growth and improving long -term profitability.”
Both Wimdu and 9flats were founded in Germany about five years ago.