Perk, the corporate travel and spend management group that until last year traded as TravelPerk, has closed a $300 million private credit facility, money raised as debt rather than equity and at a scale the company says few technology firms have reached in the current market.

The facility is led by Neuberger Specialty Finance, the private-credit arm of investment firm Neuberger Berman, with Blue Owl Capital, Hercules Capital, and Liquidity participating. It upsizes and replaces a 2024 credit line of $134 million, which Perk took out alongside its acquisition of the US corporate-travel firm Amtrav, on what the company calls materially improved terms.

In 2025, Perk crossed $300 million in annualised revenue and grew sales 48%, figures it cites in describing itself as the fastest-growing platform in its category. Gross margins have risen from 40% to the mid-70s over three years, a shift the company attributes to its use of AI across the product.

The proceeds are earmarked for product, technology, and AI, and for the next stage of global growth, including a planned US launch of the integrated spend platform, the product Perk unveiled when it rebranded.

The borrowing comes seven months after Perk dropped “travel” from its name, rebranding from TravelPerk and folding travel, spend, and events into a single AI-native product.

The pitch rests on what the company calls shadow work, the routine admin of booking trips, filing expenses, and chasing approvals that Forrester Consulting, in research commissioned by Perk, valued at $1.7 trillion a year across six economies.

“AI is a huge tailwind for Perk,” said Roy Hefer, the company's chief financial officer, crediting the technology with lifting margins and arguing it will let the business scale faster while it keeps customer experience intact.

Laura Johnson, a managing director at Neuberger Specialty Finance, called Perk “a clear AI-native leader in a massive market,” pointing to its unit economics and record of execution.

Blue Owl is a returning backer. Kurt Tenenbaum, a senior managing director at the firm, said it was partnering with Perk again after watching the business over the previous two years, and described its model as durable and its growth as rare at that scale. Liquidity, another of the lenders, struck a similar note about the company's path to profitability.

Perk has leaned on outside capital before. It raised a Series E round in January 2025 and, around the same time, acquired the Swiss expenses platform Yokoy to build out the spend side of the business.

Founded in 2015, Perk now runs dual headquarters in Boston and London and counts more than 12,000 companies as customers, among them On Running, Breitling, and Fabletics.

The terms of the facility, including its interest rate and maturity, were not disclosed. What Perk has made clear is the shape of the bet: debt rather than dilution, taken on by a company that crossed $300 million in revenue in the same year it borrowed the same figure.