Barcelona-based travel management firm TravelPerk has acquired spend management specialist Yokoy and secured another $200 million in funding from investors.
The TMC, which was named last week in BTN Europe’s The Hotlist 2025, said it had purchased Switzerland-based fintech Yokoy to allow it to provide “a deeper and more unified travel and expense offering” to clients.
Yokoy, which was founded in 2019, offers “AI-powered” expense, invoice and card payment processing. Financial terms of the deal were not disclosed. Yokoy has already been partnering with TravelPerk since 2020 by jointly offering travel and expense management services to customers such as Breitling, On Running and Medskin.
TravelPerk also announced that it raised another $200 million in its “Series E” investment round, which has been led by European venture capital firm Atomico. TravelPerk added that the new investment meant that the company now had a valuation of $2.7 billion, up from the previous figure of $1.4 billion.
In a statement, the TMC said the new funds would be used to “accelerate TravelPerk's continued expansion into the US alongside further investments into product and AI”. The US is a major growth area for TravelPerk after acquiring Chicago-based AmTrav last year.
Avi Meir, TravelPerk’s CEO and co-founder, said that the TMC would “now work to become the number one travel and expense management platform” following the Yokoy acquisition.
"Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level,” said Meir. “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.”
Philippe Sahli, co-founder and CEO of Yokoy, added: “Given our successful collaboration to-date, and the compelling vision for the future of integrated travel and expense management, we are excited to come together as one company and are confident in the unprecedented experience we can together deliver to customers.”
TravelPerk’s Series E fundraising was also backed by investment firms EQT Growth, Noteus Partners and Sequoia Capital. They will join existing investors such as General Catalyst, Kinnevik, Softbank Vision Fund and Blackstone.
Following their investment, Atomico partner Hillary Ball and EQT Growth’s Carolina Brochado will join TravelPerk’s board of directors.
“Corporate travel and expense management is time-consuming, expensive and burdensome,” said Atomico’s Ball.”We’ve long admired how TravelPerk has solved this problem with a product-centric approach and remained at the forefront of the market through strategic acquisitions, international growth and innovative product expansions.”
In its statement, TravelPerk said it achieved annual bookings of more than $2.5 billion and revenue in excess of $200 million during 2024 after achieving growth of more than 50 per cent per year over the past two years. TravelPerk was ranked as the eighth largest TMC in Europe’s Leading TMCs 2024 with €1 billion in European sales in 2023.