OneTwoTrip has raised $3 million in funding from Bank Saint Petersburg with the bank taking a small stake in the online travel agency.

In a statement, the Russia-based OTA says it plans to use the funds for new product lines and to strengthen the brand.

OneTwoTrip was launched in 2011 and enables consumers to book hotels, flights, train and car hire.

In mid-2013 the company bought comparison service DealAngel and about 18 months ago, it acquired flight metasearch app Corner.

Mikhail Sokolov, CEO of OneTwoTrip, says the investment will enable the OTA to achieve “accelerated growth and launch new verticals” across B2B and B2C this year.

The OTA launched its “Flight+Hotel” product last year as well as a service for corporate travellers.

Vladimir Reutov, deputy chairman of the board, Bank Saint Petersburg says:

“There is no doubt that online travel in Russia and CIS is a promising and growing market which is only approaching a consolidation phase. OneTwoTrip has a highly professional team aiming for growth. Over the last two years the company has been focusing on the development of internal processes, advancing its IT platform and expanding product line.

“In our view, all these growth drivers  combined with sustainable promotion of the company’s brand and products shall allow OneTwoTrip to become the market leader in the mid-term.”

Rival OTAs do not seem to be doing so well with Oktogo going offline in early March amid speculation surrounding its future.

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OneTwoTrip investor ups stake with $5.8 million investment