Perk (formerly TravelPerk), the AI-native travel and spend management platform, closed a $300 million private credit facility led by Neuberger Speciality Finance, alongside Blue Owl Capital, Hercules Capital and Liquidity. The facility upsizes and replaces Perk’s 2024 credit facility on materially improved terms. Proceeds are expected to accelerate investment in product, technology and AI, and fund Perk’s next phase of global growth, including the upcoming U.S. launch of its integrated spend platform.
“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 three years, whilst maintaining the highest levels of customer experience,” Roy Hefer, chief financial officer of Perk, said. “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.”
Laura Johnson, managing director at Neuberger Specialty Finance, said, “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.”
Kurt Tenenbaum, senior managing director at Blue Owl Capital, said, “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.”
Ron Daniel, co-founder and CEO of Liquidity, added, “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.”
