Travel and spend management platform Perk has secured a $300 million private credit facility that the company said will accelerate product investment and help fund the upcoming launch of its integrated spend platform in the United States.
Perk, which last year rebranded from TravelPerk, said the new facility comes after the company last year crossed the $300 million threshold for annualized revenue, marking revenue growth of 48 percent year over year. In a statement, Perk CFO Roy Hefer said AI has been "a huge tailwind" for the company, with gross margins increasing from 40 percent to the mid-70s over three years.
"Alongside our investment in the product, the continued roll-out of AI throughout the company will enable us to scale faster and more effectively," according to Hefer. "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."
Neuberger Specialty Finance, an investment platform within investment firm Neuberger Berman, is leading the facility, along with Blue Owl Capital, Hercules Capital and Liquidity. It updates the $135 million facility secured in 2024—which was backed by Blackstone Credit & Insurance along with Blue Owl—with "materially improved terms," according to Perk.
Perk announced the integrated spend platform last year, building from its acquisition of AI-powered spend management platform Yokoy.