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Perk (formerly TravelPerk) Raises $200M and Acquires Yokoy to Create the Leading Integrated Travel and Expense Management Platform

6 MIN READ

  • The acquisition of Yokoy, a leading spend management platform, allows Perk (formerly TravelPerk) to offer a deeper and more unified travel and expense offering to its clients while expanding its addressable opportunity.
  • The $200 million Series E financing raises the company's valuation to $2.7 billion. It will accelerate Perk's continued expansion into the US alongside further investments into product and AI.
  • Atomico, EQT Growth, Noteus Partners and Sequoia Capital will join Perk’s world-class investor base alongside existing investors like General Catalyst, Kinnevik, Softbank Vision Fund, and Blackstone.
BARCELONA, SPAIN and ZURICH, SWITZERLAND – 28 January 2025: Perk , the leading business travel platform, today announces a new Series E fundraise of $200 million. The investment is led by European venture capital firm Atomico, alongside EQT Growth, with significant participation from Noteus Partners and existing investors, including Kinnevik and General Catalyst.The oversubscribed round nearly doubles Perk’s valuation to $2.7 billion.
The funding will be used to further accelerate growth - with continued expansion into the US market (following the acquisition of AmTrav in 2024) alongside significant investments into product, technology and AI to deliver the leading travel and expense management platform for SMB and mid-market companies in the U.S. and Europe.
The company also announced today its acquisition of Yokoy , market-leader in Europe for AI-powered expense, invoice, and card payment processing.
As companies face greater economic pressures and more complicated regulatory environments, they are increasingly demanding a fully integrated solution that brings travel and expenses together into one automated platform, to simplify the end-to-end experience, streamline processes, and help them better control costs.
Through its acquisition of Yokoy, and deep integrations via an open ecosystem of strategic expense management partners, Perk is positioned to provide customers in Europe and the US highly localised solutions, to suit their individual needs, preserving customers freedom of choice and flexibility, which is a key tenet of the Perk value proposition.
“Until now, customers had to make hard trade-offs— an integrated solution or best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented Perk President and Chief Operating Officer, JC Taunay-Bucalo, adding: “Customers don’t have to compromise anymore. Now, they can have the best travel management product built on the world’s largest inventory, and the expense management product that works best for their business, combined for the best integrated experience there is.”
Perk and Yokoy have collaborated since 2020, successfully partnering to jointly offer travel and expense management to customers such as Breitling, On Running, and Medskin.
Philippe Sahli, Co-founder and CEO of Yokoy commented: “Given our successful collaboration to-date, and the compelling vision for the future of integrated travel and expense management, we are excited to come together as one company and are confident in the unprecedented experience we can together deliver to customers.”
The acquisition of Yokoy and Series E funding came off the back of another year of growth at Perk. The company has achieved a unique combination of growth and profitability at scale - with annualised booking volumes of over $2.5 billion, annualised revenue of over $200 million, growth of over 50% per annum in the last two years, and reaching EBITDA break-even at the end of 2024.
Avi Meir, Perk CEO and Co-Founder, commented: "Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform.” He continued: "Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to Perk. We share a common vision for the role of AI reshaping the future of travel and expense management, and the innovation coming out of Yokoy’s AI labs in Zurich is seriously impressive.”
Hillary Ball, Partner at Atomico, who will join Perk’s Board of Directors, commented: “Corporate travel and expense management is time-consuming, expensive and burdensome. We’ve long admired how Perk has solved this problem with a product-centric approach, and remained at the forefront of the market through strategic acquisitions, international growth, and innovative product expansions. Yet, with a team as ambitious as Perk, and with the inclusion of Yokoy, there is still so much more on the horizon. Atomico is thrilled to be partnering with Avi and the whole team to fuel the next phase of the company’s vision.”
Carolina Brochado, Partner at EQT Growth, who will also join the Board commented: "Having followed the Perk team for years, we’ve been consistently impressed by their focus, tenacity, and ambition in disrupting the industry. Their proprietary use of AI is among the best we’ve seen, enabling faster, smarter service for their customers. With the Yokoy acquisition, their product evolves into a true end-to-end T&E solution, further powered by AI."
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Notes to Editors
Yokoy was acquired in an all-equity deal, with Sequoia Capital, the prominent American venture capital firm, now joining Perk’s cap table alongside its existing investors.
About Perk
Perk is a hyper-growth SaaS business travel and expense management platform and a pioneer in the future of travel for work. Its all-in-one platform gives travelers the freedom they want whilst providing companies with the control they need. The result saves time, money, and hassle for everyone.
Perk has industry-leading travel inventory alongside powerful management features, 24/7 customer support, state-of-the-art technology, and consumer-grade design, which enable companies and organizations worldwide like Red Bull, GetYourGuide, and Aesop, to get the most out of their travel.
Visit  www.travelperk.com  for more information.
About Yokoy
Yokoy is the Intelligent Spend Management Platform, founded in Switzerland in 2019 with the aim of streamlining and simplifying how businesses process expenses, invoices, and card payments. Powered by its proprietary AI, Yokoy is trusted by more than 700 customers around the world to automate their finance processes and accelerate the move towards zero-touch spend management. Yokoy was named #1 fastest-growing B2B Fintech brand in Europe by Sifted in 2024.
Visit yokoy.io for more information.