Perk, the AI-native travel and spend management platform formerly known as TravelPerk, has secured a $300 million private credit facility to support product development, artificial intelligence investments, and international expansion as it scales its integrated business operations platform.

The financing was led by Neuberger Specialty Finance, with participation from Blue Owl Capital, Hercules Capital, and Liquidity. The new facility replaces and expands Perk’s 2024 credit facility while providing improved financing terms, according to the company.

The transaction represents a significant private credit commitment for a technology company in the current lending environment and reflects growing investor interest in software platforms that demonstrate both strong growth and a path toward profitability.

Perk plans to use the capital to accelerate development of its AI capabilities, expand technology investments, and support the upcoming U.S. rollout of its integrated spend management platform. The company launched a unified travel, spend, and events platform in late 2025, aiming to consolidate multiple business workflows into a single operating environment.

The strategy is centered on reducing what Perk describes as “shadow work”—the manual administrative tasks associated with travel bookings, expense management, invoice processing, approvals, and event coordination that consume employee time and create operational inefficiencies.

In 2025, the company surpassed $300 million in annualized revenue while growing revenue 48%, positioning itself among the fastest-growing providers in the corporate travel and spend management market. The business also reported significant improvements in profitability metrics, with gross margins increasing from approximately 40% to the mid-70% range over the past 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 three years, whilst maintaining the highest levels of customer experience,” said Chief Financial Officer Roy Hefer.

The company’s growth reflects a broader trend among enterprises seeking to consolidate fragmented finance, procurement, and travel management systems. Rather than managing expenses, travel bookings, and event spending through separate software platforms, businesses are increasingly looking for integrated systems that automate workflows and improve visibility across spending categories.

For lenders, the appeal lies in Perk’s combination of recurring software revenue, improving margins, and operational scale. The company serves more than 12,000 organizations globally, including brands such as On Running, Breitling, and Fabletics.

“We are excited to lead this credit facility for Perk, an exceptional company and a clear AI-native leader in a massive market,” said Laura Johnson, managing director at Neuberger Specialty Finance.

Blue Owl Capital, which previously provided financing to Perk, cited the company’s operational performance and AI capabilities as factors behind its continued support.

The new financing gives Perk additional resources to expand internationally, deepen product development, and compete in a market where software providers are increasingly embedding AI into core business workflows rather than offering standalone automation tools.