Perk Secures $300M Credit Facility to Accelerate Global Growth
What's the deal? Perk, formerly known as TravelPerk, has closed a $300 million private credit facility to accelerate its global expansion. The deal was led by Neuberger Specialty FinanceDealroom has a profile for this one. Try Dealroom →, alongside Blue Owl CapitalDealroom has a profile for this one. Try Dealroom →, Hercules CapitalDealroom has a profile for this one. Try Dealroom →, and LiquidityDealroom has a profile for this one. Try Dealroom →.
The facility replaces Perk's 2024 credit line on improved terms. Proceeds will fund product development, AI investment, and the upcoming US launch of its integrated spend platform.
Perk is an AI-native platform for travel and spend management, trusted by more than 12,000 companies including On Running, BreitlingDealroom has a profile for this one. Try Dealroom →, and FableticsDealroom has a profile for this one. Try Dealroom →. It launched its integrated platform — combining travel, expenses, and events — in November 2025.
Why now? Perk crossed $300M in annualised revenue in 2025 and grew revenue 48%, positioning it as one of the fastest-growing platforms in its category. The company says AI has driven gross margins from 40% to the mid-70s in three years.
"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 3 years, whilst maintaining the highest levels of customer experience," said Roy Hefer, chief financial officer.
The deal is one of the few private credit transactions at this scale completed by a technology company in the current market, suggesting lender appetite for high-growth software businesses with strong unit economics.
What could go wrong? Debt financing carries risk, especially for a company that is not yet profitable. Perk says it has "a clear pathway to profitability in the short term," but a slowdown in corporate travel spending or a difficult US market entry could pressure that timeline.
The company also faces competition from established players in expense and travel management. Scaling an integrated platform across geographies adds operational complexity.
The signal: Perk's choice of private credit over a fresh equity round — backed by specialist lenders such as Hercules Capital, an investment fund with deep experience in growth-stage tech lending, and Blue Owl Capital, which described the business model as "remarkably durable" — underscores a broader shift among late-stage software companies toward non-dilutive financing when unit economics can support it. With gross margins reportedly leaping from 40% to the mid-70s in three years, Perk offers lenders the kind of AI-driven margin story that makes debt economics work at scale.
Read more: FinanzNachrichten.de
