Airbnb Inc. secured a $1 billion debt facility from some of the largest U.S. banks to help the home-sharing company develop new services and fund growth initiatives, people familiar with the matter said.

The debt deal was led by JPMorgan Chase & Co., Citigroup Inc. and Bank of America Corp. Morgan Stanley also participated, according to the people, who didn’t want to be identified talking about a private transaction.

The financing gives Airbnb more money to spend on global growth strategies and expansion beyond home-sharing. The San Francisco-based company is building add-on travel services, Bloomberg reported in March, and it’s running a TV ad campaign right now, a particularly pricey form of customer acquisition.

Airbnb, last valued at $25.5 billion, has watched Uber Technologies Inc. raise more than $11 billion in cash and debt.