Perk, a company specializing in travel and spend management solutions, announced a $300 million credit facility from lenders including Neuberger Specialty Finance, Blue Owl Capital Inc and others. This financing upsizes and replaces the company’s credit facility from 2024 with materially improved terms.
The company’s AI-native platform works to save teams time and effort by automating travel bookings, expenses, invoice processing and events. Perk will invest its new capital in fueling product, technology and AI advancements and expanding its global reach. The company has imminent plans to launch its integrated spend platform in the U.S.
“AI is a huge tailwind for Perk, and its deployment throughout our product has enabled us to drive gross margins from 40 percent to mid-70s in three years, whilst maintaining the highest levels of customer experience,” Roy Hefer, Perk’s CFO, said in a statement. “Alongside our investment in the product, the continued roll-out of AI throughout the company will enable us to scale faster and more effectively. We are thrilled to have this group of top-tier lenders who understand the scale of the opportunity ahead and are enthusiastically backing this next phase of growth.”
