Business travel platform TravelPerk has raised $200 million and acquired Swiss AI-powered spend management outfit Yokoy.
The Series E funding round was led by Atomico, with participation from EQT Growth, Noteus Partners, Kinnevik and General Catalyst. The money, which nearly doubles Barcelona-based TravelPerk's valuation to $2.7 billion, will be used for product development and a push into the US.
Meanwhile, the company has acquired AI-powered expense, invoice, and card payment processing specialist Yokoy. Founded in Switzerland in 2019, Yokoy helps more than 700 customers around the world to automate their finance processes.
Explaining the move, TravelPerk says that companies are increasingly demanding a fully integrated solution that brings travel and expenses together into one automated platform, to simplify the end-to-end experience, streamline processes, and help them better control costs.
JC Taunay-Bucalo, president and COO, TravelPerk, says: “Until now, customers had to make hard trade-offs— an integrated solution or best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance.
“Customers don’t have to compromise anymore. Now, they can have the best travel management product built on the world’s largest inventory, and the expense management product that works best for their business, combined for the best integrated experience there is.”