TravelPerk secures $200M, acquires expense management tech Yokoy

Corporate travel management platform TravelPerk has secured $200 million in Series E funding.

The Spain-based company has also announced the acquisition of Yokoy, an expense management technology company, for an undisclosed amount.

Atomico and EQT Growth led the investment, which values the company at $2.7 billion. Noteus Partners and existing investors including Kinnevik, General Catalyst, Softbank Vision Fund and Blackstone also participated in the round.

The round comes just over a year after TravelPerk announced its Series D-1 extension round of $104 million, led by Softbank Vision Fund 2. It said at the time that it planned to put the funding towards additional business services. It also secured a credit facility of $135 million last year as it announced the acquisition of corporate travel management company AmTrav.

This company said this latest funding will go towards accelerating growth including in the United States, which became TravelPerk's highest revenue generating region following the AmTrav acquisition. The company also plans to invest in its product, technology and artificial intelligence.

Switzerland-based Yokoy, founded in 2019, helps companies automate finance processes such as expenses, invoice and card payments using artificial intelligence. The company announced $80 million in Series B funding from investors including Sequoia Capital and Balderton Capital in 2022.

Businesses are increasingly seeking an integrated travel and expense solution to drive efficiency and control costs, TravelPerk said in a statement.

Other travel companies have been eyeing the opportunities arising from offering integrated travel and expense technology. Indian online travel agency MakeMyTrip announced the acquisition of expense management platform Happay in late 2024 and said it was part of a strategy to offer a total solution to its corporate customers.

And, spend management platforms have sought to integrate travel and expense management recently with Expensify announcing the launch of a travel booking platform last year, through a partnership with Spotnana.

Ramp, another spend management platform, also announced a partnership with Priceline in 2024 to help simplify expenses while booking travel. Similarly, Center and Brex added travel management technology through Spotnana to their respective spend management services in 2023.

TravelPerk has partnered with expense management specialists, including Yokoy, up to now and will continue to offer its customers localized solutions or an integrated approach through the acquisition.

“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,” said Philippe Sahli, co-founder and CEO of Yokoy.

Our focus has never been stronger as we expand across core markets, accelerate growth in the U.S. and now work to become the number one travel and expense management platform.

Avi Meir - TravelPerk

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TravelPerk also said it achieved annualized gross booking volumes of more than $2.5 billion in the past year, revenue of more than $200 million and EBITDA break-even at the end of 2024.

“Our focus has never been stronger as we expand across core markets, accelerate growth in the U.S. and now work to become the number one travel and expense management platform,” said Avi Meir, co-founder and CEO of TravelPerk.

“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.”

“Corporate travel and expense management is time-consuming, expensive and burdensome,” said Hillary Ball, partner at Atomico, who joins TravelPerk’s board of directors.

“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.”

Also joining Travelperk's board is Carolina Brochado, partner at investor EQT Growth.

“Having followed the TravelPerk team for years, we’ve been consistently impressed by their focus, tenacity and ambition in disrupting the industry,” Brochado said.

“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.”

This is the sixth acquisition for TravelPerk including NexTravel, sustainability consultancy Susterra and Click Travel in 2021. The company acquired COVID data specialist Albatross in 2020.

During Phocuswright Europe last year, Meir sat down with PhocusWire's Linda Fox to discuss corporate travel consolidation, the role of AI and evolution in expense management. Watch the full discussion below.