Business travel platform TravelPerk has successfully raised $200 million and acquired Yokoy, a Swiss company specializing in AI-powered spend management.
The Series E funding round was led by Atomico, with support from EQT Growth, Noteus Partners, Kinnevik, and General Catalyst. This funding nearly doubles TravelPerk’s valuation to $2.7 billion and will be directed towards product development and expansion into the U.S. market.
In addition to the funding, TravelPerk has acquired Yokoy, which was founded in Switzerland in 2019 and serves over 700 customers globally, helping them to automate their financial processes including expense, invoice, and payment processing.
TravelPerk noted that there is a growing demand among companies for a fully integrated solution that combines travel and expense management into a single automated platform. This integration aims to simplify the overall experience, streamline processes, and enhance cost control.
JC Taunay-Bucalo, president and COO of TravelPerk, commented that until this acquisition, customers often faced tough choices between integrated solutions and best-in-class travel and expense management systems. He emphasized that customers can now enjoy the best of both worlds with an exceptional travel management product backed by the largest inventory, alongside the most effective expense management tools, all combined for an optimal integrated experience.