Perk just closed a $300 million private credit facility. The sum matches the annualized revenue it reported for 2025. That alignment signals confidence from lenders and marks one of the larger debt deals for a technology company in recent memory.
The former TravelPerk rebranded last year. It dropped “travel” from its name to reflect a broader vision. The company now offers an integrated platform that handles bookings, expenses, events and invoices in one place. All of it runs on artificial intelligence designed from the ground up. No bolt-on features here. The architecture puts AI at the core.
Proceeds from the new facility will fund product development, technology upgrades and further AI work. They will also support global expansion. A full U.S. launch of the integrated spend platform sits high on the priority list. The borrowing replaces and expands a $134 million line Perk secured in 2024 when it bought Amtrav. Terms improved materially this time around. The Next Web first detailed the transaction on June 4, 2026.
Neuberger Specialty Finance led the deal. Blue Owl Capital, Hercules Capital and Liquidity joined in. Blue Owl had backed Perk before and liked what it saw over two years of close observation. Kurt Tenenbaum, senior managing director at Blue Owl, praised the company’s “remarkably durable business model” with “best-in-class AI capabilities and strong growth that is rare at this scale.” He said the firm felt proud to continue supporting the team.
Laura Johnson, managing director at Neuberger Specialty Finance, called Perk “a clear AI-native leader in a massive market.” She pointed to its strong unit economics, high-quality management team and proven execution. Those factors, she argued, position the company well to transform how businesses handle travel and spend.
Ron Daniel, co-founder and chief executive of Liquidity, highlighted the combination of exceptional growth, solid unit economics and a clear path to long-term profitability. “We are excited to support the company through their next phase of growth,” he said in the company’s official release.
Roy Hefer, Perk’s chief financial officer, spoke directly about the role of artificial intelligence. “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,” he explained. He added that continued AI rollout across the organization would let the business scale faster and more effectively. The company expressed thrill at securing backing from lenders who grasp the opportunity size.
Numbers tell a strong story. Perk crossed $300 million in annualized revenue in 2025. Sales grew 48 percent that year. The company claims the title of fastest-growing platform in its category. Gross margins climbed steadily as AI took on more routine tasks. That shift reduced costs without harming service quality. Customers noticed. More than 12,000 companies now use the platform. On Running, Breitling and Fabletics appear on the roster.
The addressable problem looks enormous. Perk points to “shadow work” — the hidden administrative burden of booking trips, filing expenses, chasing approvals and planning events. Forrester Consulting research commissioned by the company pegs the annual cost at $1.7 trillion across six major economies. Employees lose roughly seven hours a week to these tasks. Perk’s platform aims to reclaim that time so teams can focus on higher-value activities. The mission statement puts it simply: power real work by removing invisible tasks that slow teams down.
Founded in 2015, Perk operates dual headquarters in Boston and London. It raised a Series E round in January 2025 and acquired the Swiss expenses startup Yokoy around the same time to strengthen its spend-management capabilities. The rebrand to Perk followed in late 2025. The integrated platform that combines travel, spend and events launched then as well.
Lenders showed particular interest in the AI focus. They see it as more than a feature set. Perk built its systems and workflows so artificial intelligence can meaningfully improve outcomes rather than simply automate existing processes. That distinction matters. It explains the margin expansion and the confidence that growth can continue without proportional cost increases.
Private credit has become an attractive option for maturing technology companies. It avoids equity dilution at a time when many startups guard their cap tables closely. Perk’s revenue scale and profitability trajectory made the debt route viable. The facility strengthens an already solid balance sheet. Improved terms reflect the progress made since the prior borrowing.
Yet questions remain about execution in a competitive field. Corporate travel and expense management have drawn plenty of venture interest over the years. Established players and nimble newcomers both chase the same budgets. Perk bets that its AI-native approach creates a lasting edge. Early margin gains support that view. So does lender enthusiasm.
The U.S. market represents the next big test. Perk built momentum in Europe first. American expansion requires local adaptation, regulatory navigation and sales execution at scale. The fresh capital provides runway to invest in those areas while continuing product innovation. AI development does not come cheap. Training models, integrating data sources and maintaining accuracy demand ongoing resources.
Industry observers note the timing. Artificial intelligence has moved from experimental pilots to core infrastructure in enterprise software. Companies that embed it deeply from the start hold an advantage over those retrofitting older systems. Perk positioned itself in that first group. Its lenders appear to agree.
Recent coverage reinforces the momentum. Perk’s own press release from June 3, 2026, laid out the strategic priorities in detail. Additional reporting from ABF Journal on June 4 echoed the same lender quotes and financial highlights. No major new financing announcements have surfaced in the hours since, though discussions on X highlighted the deal’s size relative to typical private-credit transactions in tech.
Perk now enters what executives call its next phase. Revenue exceeds $300 million. Margins sit in the mid-70s. The platform spans the full spectrum of corporate mobility and spend. Artificial intelligence powers the automation that eliminates shadow work. The $300 million credit line buys time and resources to prove the model at even larger scale. Success in the U.S. market could validate the thesis. Failure to convert momentum into sustainable profits would raise fresh doubts.
For now the numbers point upward. Lenders voted with capital. Customers number in the thousands. The addressable market runs into trillions. Perk has the ingredients. Execution will decide whether the AI tailwind turns into lasting industry leadership.
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