Perk secures a $300 million credit facility to advance its AI platform in the US market.

      Perk, the corporate travel and expense management group formerly known as TravelPerk, has secured a $300 million private credit facility, marking a level of funding that the company claims is rare for technology firms in the existing market.

      The facility is structured by Neuberger Specialty Finance, the private credit division of investment firm Neuberger Berman, with contributions from Blue Owl Capital, Hercules Capital, and Liquidity. This new facility supersedes a $134 million credit line taken out in 2024, which was utilized during Perk's acquisition of the US corporate travel agency Amtrav, under what the company describes as significantly improved conditions.

      In 2025, Perk achieved over $300 million in annualized revenue and experienced a 48% increase in sales, statistics that it cites to position itself as the fastest-growing platform in its sector. Gross margins have improved from 40% to the mid-70s over three years, a transition the company attributes to its incorporation of AI throughout its offerings.

      The funds raised will be dedicated to product development, technology enhancements, and AI initiatives, along with the next phase of global expansion, which includes a planned launch of its integrated spend platform in the US, a product introduced during its rebranding effort.

      The borrowing follows seven months after Perk removed "travel" from its name, rebranding from TravelPerk, and merging travel, spending, and events into one AI-driven product.

      The company's approach centers around what it terms shadow work—the routine administrative tasks associated with booking travel, submitting expenses, and obtaining approvals, which Forrester Consulting, in research commissioned by Perk, has estimated to be valued at $1.7 trillion annually across six economies.

      “AI is a major advantage for Perk,” stated Roy Hefer, the company's chief financial officer, attributing the technology to improved margins and suggesting it will allow the business to grow more quickly while maintaining customer satisfaction.

      Laura Johnson, a managing director at Neuberger Specialty Finance, described Perk as “a clear AI-native leader in a vast market,” highlighting its unit economics and strong execution track record.

      Blue Owl is returning as an investor. Kurt Tenenbaum, a senior managing director at the firm, mentioned that they chose to partner with Perk again after observing its progress over the last two years, noting the durability of its model and the uniqueness of its growth at such a scale. Liquidity, another lender, echoed similar sentiments regarding the company's journey toward profitability.

      Perk has previously relied on external funding, having raised a Series E round in January 2025 and, around the same time, acquiring the Swiss expenses platform Yokoy to enhance the spending aspect of its business.

      Founded in 2015, Perk operates dual headquarters in Boston and London and serves over 12,000 clients, including On Running, Breitling, and Fabletics.

      The details of the facility, such as interest rates and maturity, were not revealed. However, Perk has indicated its preference for debt over equity dilution, particularly as it achieved $300 million in revenue during the same year it secured this amount in borrowing.