Business travel platform, TravelPerk, has announced two major updates for the firm.
It has closed a new Series E fundraise of $200 million and revealed it has acquired market-leader in Europe for AI-powered expense, invoice, and card payment processing firm, Yokoy.
The investment, led by European venture capital firm Atomico alongside EQT Growth, also saw significant participation from Noteus Partners and existing investors, including Kinnevik and General Catalyst. The oversubscribed round nearly doubles TravelPerk’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 US and Europe.
The acquisition move by the firm comes 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.
TravelPerk and Yokoy have worked together since 2020, partnering to jointly offer travel and expense management to customers such as Breitling, On Running, and Medskin.
“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,” said JC Taunay-Bucalo, president and chief operating officer of TravelPerk.
“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.”
Philippe Sahli, co-founder and CEO of Yokoy, said: “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, and over 50% per annum in the last two years, which led it to reach EBITDA break-even at the end of 2024.
Avi Meir, CEO and co-founder of TravelPerk, said: “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.”
“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 TravelPerk.
“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 TravelPerk’s Board of Directors as part of the fundraise, added: “Corporate travel and expense management is time-consuming, expensive and burdensome.
“We’ve long admired how TravelPerk 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 TravelPerk, 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, will also join the Board.
She said: “Having followed the TravelPerk 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.”
