Corporate travel management platform TravelPerk, backed by SoftBank, has raised $200 million in an oversubscribed Series E funding round. This milestone, led by Atomico and EQT Growth, has nearly doubled the company’s valuation to $2.7 billion, up from $1.4 billion in early 2024. The funding also accompanies the acquisition of Yokoy, a Swiss spend management platform, positioning TravelPerk for a fintech-focused evolution in the corporate travel sector.

Funding Round Highlights

The $200 million investment increases TravelPerk’s total capital raised to over $700 million. This funding will drive the company’s U.S. expansion and enhance its platform with advanced artificial intelligence (AI) capabilities. New investors, including Noteus Partners, joined existing backers such as General Catalyst, Kinnevik, SoftBank Vision Fund, and Blackstone in this round.

Representatives from Atomico and EQT Growth will join TravelPerk’s board, offering strategic guidance as the company scales operations globally.

Strategic Acquisition of Yokoy

In a bold move to broaden its services, TravelPerk has acquired Yokoy, a leading provider of AI-powered expense and invoice management tools. This acquisition enables TravelPerk to integrate Yokoy’s solutions into its platform, creating an all-in-one travel and expense management system.

The unified platform will cater primarily to small and mid-sized businesses, combining seamless travel booking with efficient expense tracking to enhance user experience.

Market Outlook and AI-Driven Innovation

The corporate travel sector is experiencing a strong post-pandemic rebound. According to the World Travel and Tourism Council (WTTC), business travel expenditures are projected to hit $1.5 trillion in 2024, surpassing pre-pandemic levels by 6.2%. This resurgence provides fertile ground for TravelPerk and similar startups to capture market share.

TravelPerk’s focus on AI mirrors industry-wide trends, with companies leveraging technology to boost operational efficiency and customer satisfaction. Enhanced AI capabilities will optimize travel bookings, automate expense reporting, and generate actionable insights, giving TravelPerk clients a competitive edge.