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

      Perk, the corporate travel and spend management company that rebranded from TravelPerk last year, has secured a $300 million private credit facility. This funding, acquired through debt instead of equity, is notable for its size, which the company claims few technology firms have achieved in the current market.

      The facility is primarily provided by Neuberger Specialty Finance, the private credit division of investment firm Neuberger Berman, with participation from Blue Owl Capital, Hercules Capital, and Liquidity. It increases and replaces a 2024 credit line of $134 million that Perk secured when acquiring the US corporate travel company Amtrav, under what the company describes as significantly improved terms.

      In 2025, Perk reported over $300 million in annualized revenue and a sales growth of 48%, figures they use to position themselves as the fastest-growing platform in their sector. Gross margins have expanded from 40% to the mid-70s over three years, a change the company credits to its integration of AI throughout its offerings.

      The funds are designated for product development, technology, AI enhancements, and advancing global growth, including a planned launch in the US for the integrated spend platform that was introduced with the company's rebranding.

      The borrowing follows Perk’s decision seven months ago to rebrand by dropping “travel” from its name, consolidating travel, spend, and events into a single AI-driven product.

      The company's argument is built on what they refer to as shadow work—the routine administrative tasks associated with booking travel, managing expenses, and securing approvals, which Forrester Consulting, in research sponsored by Perk, estimated to be valued at $1.7 trillion annually across six economies.

      “AI is a significant advantage for Perk,” stated Roy Hefer, the company’s CFO, attributing the technology with enhancing margins and suggesting it will enable the business to scale more rapidly while maintaining customer satisfaction.

      Laura Johnson, a managing director at Neuberger Specialty Finance, described Perk as “a clear AI-native leader in a massive market,” highlighting its unit economics and operational performance.

      Blue Owl is a returning investor. Kurt Tenenbaum, a senior managing director there, mentioned that they decided to partner with Perk again after observing the company’s growth over the last two years, characterizing its business model as resilient and its growth as exceptional for its scale. Liquidity, another lender, echoed these 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 concurrently acquiring the Swiss expense platform Yokoy to enhance its spending capabilities.

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

      The specific terms of the facility, such as the interest rate and duration, were not disclosed. However, Perk has made it clear that their strategy involves taking on debt instead of diluting ownership, as it accrued $300 million in revenue during the same year it secured the loan.