Perk, formerly known as TravelPerk, announced the closing of a $300 million private credit facility led by Neuberger Specialty Finance, alongside Blue Owl Capital, Hercules Capital, and Liquidity. The new facility replaces and upsizes the company’s 2024 credit facility on materially improved terms, increasing available capital while further strengthening Perk’s balance sheet.
The financing comes as Perk continues to scale rapidly. In 2025, the company surpassed $300 million in annualized revenue and reported 48% revenue growth, positioning itself as one of the fastest-growing global travel and spend management platforms. The company also launched its integrated travel and spend platform in November 2025, combining travel, spend management, and events into a single AI-native experience.
Perk plans to use the proceeds to accelerate investments in product development, technology, and artificial intelligence capabilities while supporting its next phase of international growth. The capital will also help fund the upcoming U.S. launch of the company’s integrated spend platform.
Founded in 2015, Perk focuses on eliminating what it calls “Shadow Work,” the manual administrative tasks that consume employee time and reduce productivity. Its AI-native platform automates travel booking, expense management, invoice processing, and event management. The company serves more than 12,000 customers worldwide, including On Running, Breitling, and Fabletics.
According to Perk, the application of AI throughout its platform has significantly improved operating efficiency, helping the company increase gross margins from approximately 40% to the mid-70% range over the past three years while maintaining high customer satisfaction levels. The company believes continued AI deployment across its operations will support faster and more efficient scaling.
The transaction also highlights growing lender confidence in AI-focused software companies. Perk noted that the financing represents one of the few private credit transactions of this scale completed by a technology company in the current market environment.
KEY QUOTES:
“AI is a huge tailwind for Perk and its deployment throughout our product has enabled us to drive gross margins from 40% to mid-70s in 3 years, whilst maintaining the highest levels of customer experience. Alongside our investment in the product, the continued roll-out of AI throughout the company will enable us to scale faster and more effectively. We are thrilled to have this group of top-tier lenders who understand the scale of the opportunity ahead and are enthusiastically backing this next phase of growth.”
Roy Hefer, CFO, Perk
“We are excited to lead this credit facility for Perk, an exceptional company and a clear AI-native leader in a massive market. Its strong unit economics, high-quality management team, and demonstrated track record of execution position the company exceptionally well to capitalize on the significant opportunity to transform how companies manage travel and spend.”
Laura Johnson, Managing Director, Neuberger Specialty Finance
“We are delighted to partner with Perk again to provide capital to support the next phase of growth. The company has built a remarkably durable business model, with best-in-class AI capabilities and strong growth that is rare at this scale. Having seen this firsthand over the last two years, we are proud to continue supporting the team as they accelerate their global expansion.”
Kurt Tenenbaum, Senior Managing Director, Blue Owl Capital
“Perk has built one of the most compelling AI-native software platforms, combining exceptional growth with strong unit economics and a clear path to long-term profitability. We are excited to support the company through their next phase of growth.”
Ron Daniel, Co-Founder and CEO, Liquidity
