TravelPerk has acquired Swiss spend management platform Yokoy and completed a $200 million funding round that nearly doubled its valuation, the business travel platform announced.
An AI-powered platform for processing expenses, invoices and card payments, Yokoy was founded in 2019 and reports more than 700 customers around the world. TravelPerk and Yokoy have been working together since 2020 and currently provide joint travel and expense management services to customers including Swiss watchmaker Breitling, athletic shoe company On Running and medical device and skincare company Medskin, according to TravelPerk.
With the acquisition, TravelPerk will be able to "offer a deeper and more unified travel and expense offering," according to the company, alongside its integrations with other expense management partners.
"Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming [Yokoy co-founder and CEO Philippe Sahli, co-founder and CTO Devis Lussi] and the rest of the team to TravelPerk," TravelPerk CEO and co-founder Avi Meir said in a statement. "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."
The Yokoy acquisition was an all-equity deal for TravelPerk, which adds U.S. venture capital firm Sequoia Capital to TravelPerk's capitalization table, according to the company.
Additionally, TravelPerk announced that it has raised $200 million in a Series E fundraising round led by European venture firm Atomico and private equity firm EQT Growth. U.K. investment firm Noteus Partners also participated in the round, along with TravelPerk's existing investors including Kinnevik and General Catalyst.
TravelPerk said the round boosted its valuation from $1.4 billion to $2.7 billion. The funding will go toward its continued expansion into the U.S., building from last year's acquisition of AmTrav, along with investments into product, technology and AI, the company said.