Perk, formerly known as TravelPerk, announced the completion of a $300 million private credit facility led by Neuberger Specialty Finance. The facility includes participation from Blue Owl Capital Inc. (NYSE: OWL), Hercules Capital Inc. (NYSE: HTGC), and Liquidity.

The Boston and London-based company operates an AI-native travel and spend management platform. The new facility replaces Perk's previous 2024 credit facility with improved terms and increased available capital.

According to the company, Perk achieved 48% revenue growth in 2025 and crossed $300 million in annualized revenue. The company reported gross margins in the mid-70% range, up from 40% three years prior.

In November 2025, Perk launched its integrated platform combining travel, spend, and events management. The company plans to use proceeds from the credit facility to invest in product development, technology, and artificial intelligence capabilities, as well as fund global expansion including a U.S. launch of its integrated spend platform.

"AI is a huge tailwind for Perk and its deployment throughout our product has enabled us to drive gross margins from 40% to mid-70s in 3 years, whilst maintaining the highest levels of customer experience," said Roy Hefer, CFO of Perk.

Laura Johnson, Managing Director at Neuberger Specialty Finance, described Perk as "a clear AI-native leader in a massive market" with strong unit economics and management.

Perk serves more than 12,000 companies worldwide, including On Running, Breitling, and Fabletics. The company was founded in 2015 and rebranded from TravelPerk to Perk in 2025.