Onfly, a travel tech company in Latin America, announced it has secured $40 million in Series B funding led by Tidemark. This funding round also included participation from Endeavor Catalyst and Left Lane Capital, which previously co-led Onfly’s Series A round with the Brazilian fund Cloud9 Capital.
Launched in 2018, Onfly’s platform digitizes and streamlines corporate travel and expense management for over 2,000 companies, including Vivara, PicPay, Hotmart, and Vtex.
The company will use the new funding to accelerate its technology development with a focus on AI integration, expand its marketing and sales efforts, and grow internationally, reinforcing the expansion into Mexico that began last year.
Onfly quickly grew into one of Brazil’s five largest corporate travel management firms and the tenth largest corporate travel market globally. In the last four years, Onfly has achieved a compound annual growth rate (CAGR) of 110%. The company projects that its projects will reach $250 million in Gross Merchandise Volume (GMV) in 2025, driven by its digital-first approach in an industry dominated by legacy systems.
Onfly provides a comprehensive inventory of digitized travel options, including flights, hotels, buses, and rental cars. And the company was the first in Brazil to introduce short-term rentals to corporate travel and plans to add 5,000 additional rental units in São Paulo by the end of 2025, offering companies up to 30% savings on business travel expenses.
Onfly’s proprietary technology platform provides real-time, auditable data and seamless ERP integrations. And the company’s integrated travel and expense management solution, which includes a corporate card launched in 2022, is used by 65% of its customers. The card has processed approximately $35 million in Total Payment Volume in just two years.
Onfly plans to onboard 2,500 clients in Mexico by 2027 to expand into Latin America’s second-largest corporate travel market.
New board member: In connection with the funding round, Onfly is also adding Drew Patterson to its board. Patterson – a Tidemark Venture Partner – previously worked as VP of Marketing at Kayak and was CEO and cofounder of Jetsetter, which was acquired by TripAdvisor.
KEY QUOTES:
“This funding is a major milestone for Onfly and opens a new chapter in our journey. Corporate travel and expense management in Latin America is a massive industry undergoing rapid digital transformation. In 2023, the sector generated nearly $50 billion in the region, according to GBTA. Most players have been around for over 40 years and operate as service-oriented businesses with minimal technology adoption. Today’s workforce expects the same seamless, intuitive experience from corporate software that they get from consumer apps.”
“The traditional corporate travel agency model is heavily reliant on human services. Our technology digitizes much of the manual booking and post-sale processes. Some of our clients have transitioned from 90% offline bookings to 90% online bookings, drastically improving productivity and efficiency”.
– Marcelo Linhares, CEO and co-founder of Onfly
“Corporate travel is woefully antiquated—clunky systems, opaque pricing, and a reliance on service-heavy, fee-driven models. Onfly is changing all of that. They’re creating a magical flywheel in corporate travel: lower costs for businesses, a smoother experience for travelers, and more valuable customers for suppliers. We’ve seen this kind of shift before in other industries—category leaders don’t just adapt the old way, they completely redefine it. Onfly is doing just that, and we’re excited to be part of their journey to reshape corporate travel in Latam.”
– Dave Yuan, Founder and Partner at Tidemark
“As a Corporate OTA, Onfly is disrupting a traditional, stagnant sector with a model built for the future. Combining digitally-native solutions with a deep understanding of local market needs has enabled Onfly to quickly emerge as one of the top players in Brazilian corporate travel. We’re excited to join this journey, supporting them as they continue to redefine the category.”
– Drew Patterson
“Investing in Onfly means supporting a powerhouse team that is rapidly transforming corporate travel and expense management in Brazil and Latin America. They are unlocking billions of dollars trapped in outdated, inefficient systems.”
– Igor Piquet, Head of LATAM at Endeavor Catalyst
