Perk, a Boston and London-based platform automating corporate travel booking, expense management, invoice processing, payments, and policies with AI, has raised $300 million in debt financing led by Neuberger Specialty Finance. The facility replaces a prior $134 million round and supports product development, AI scaling, and global expansion including a US spend platform launch.
Debt Capital Fuels AI Expansion
The timing aligns with renewed investor interest in corporate travel technology following Navan’s public debut. Navan raised over $1.58 billion across rounds. Ramp secured over $1.2 billion. Perk’s AI-native approach targets the unmanaged SMB and mid-market segment while competitors focus on enterprise or narrower card products.
Shadow Work Costs Businesses Trillions
Companies waste an estimated $1.7 trillion annually on repetitive administrative tasks in travel and spend management. Perk reports that teams use an average of four tools, losing seven hours weekly to fragmented processes. Current solutions leave 67 percent of the market unmanaged, particularly among smaller enterprises seeking real-time visibility and policy compliance.
AI-Native Platform Drives Margins
Perk integrates travel booking, expenses, corporate cards, and events into one system with AI automating receipt capture, approvals, invoice matching, and forecasting. This has lifted gross margins from 40 percent to the mid-70s over three years. The platform serves more than 12,000 customers including Lush, Wise, and Revolut with 95 percent average policy compliance.
As Roy Hefer, CFO, noted:
“AI is a huge tailwind for Perk, and its deployment throughout our product has enabled us to drive gross margins from 40 percent to mid-70s in three years.”
Lenders Back Recurring Revenue Growth
Neuberger Specialty Finance led the $300 million facility alongside Blue Owl Capital, Hercules Capital, and Liquidity. These private credit specialists target growth-stage SaaS companies with strong cash flows. The non-dilutive capital preserves equity while funding expansion after Perk crossed $360 million in annualized revenue with 48 percent year-over-year growth.
Corporate Travel Market Rebounds Strongly
The corporate travel management software market stands at $1.17 billion in 2025 and is projected to reach $1.26 billion in 2026 at a 7.5 percent CAGR. Broader travel and expense management software is expanding at 17.32 percent CAGR through 2031. Global business travel spending is forecast to hit a record $1.57 trillion in 2025, creating demand for automation tools that reduce costs and shadow work.
Perk’s rebrand from TravelPerk in 2025 and recent Yokoy acquisition position it as an all-in-one AI platform for the 67 percent of the market that remains unmanaged by legacy providers such as SAP Concur and Egencia.