TravelPerk, a European travel management company, has successfully raised an additional $104 million in funding. This investment increases the company's valuation to $1.4 billion. SoftBank led The funding with contributions from Kinnevik and Felix Capital. 

The money will enhance TravelPerk's automation and AI capabilities, aiming for growth and product development. The company, known for its software as a service platform, primarily serves small and medium-sized enterprises in Europe and the US.

TravelPerk Accelerates AI Integration with $104 Million Investment
(Photo : Medienstürmer on Unsplash)

TravelPerk Raises $104 Million for Expansion and AI Development

TravelPerk has recently secured an extra $104 million in funding, boosting its total value to $1.4 billion. This new investment will help the company grow and improve its products using advanced technology like automation and artificial intelligence (AI).

TravelPerk's latest financial support was led by the large Japanese bank SoftBank. Other contributors included Kinnevik and Felix Capital, who have previously invested in the company. This funding is an addition to the round that began in January 2022, according to Business Travel News Europe.

The company's CEO, Avi Meir, expressed his excitement about the investment. He emphasized that TravelPerk is committed to providing a high-quality, software-based travel service for small and medium-sized companies, mainly in Europe and the United States.

In 2023, TravelPerk saw its revenue increase by over 70% from the previous year, with booking values nearing $2 billion. This growth highlights the company's success and increasing service demand.

With the new funding, Stephen Thorne from SoftBank Investment Advisers will join TravelPerk's board of directors. Thorne noted the potential in the market for small and medium-sized businesses. He praised TravelPerk's ongoing innovation, particularly its use of AI to improve customer experience.

This financial boost comes at a crucial time for technology companies. It underscores investors' confidence in TravelPerk's vision and strategy for the future. With this support, TravelPerk is set to continue its expansion and enhance its offerings in the business travel market.

Related Article: AirAsia Philippines Boosts Festival Tourism with Discounted Fares Starting at ₱68

Airbase Teams Up with TravelPerk to Simplify Business Travel Expenses

Airbase, a company in the United States that helps businesses handle their spending, has joined forces with TravelPerk. This partnership, announced last year on June 23, 2023, aims to simplify managing business travel costs. With just one integration, businesses can now effortlessly oversee their travel expenses using Airbase and TravelPerk's services.

This collaboration combines the strengths of both companies. TravelPerk brings a wide range of travel options and insights into travel spending. Airbase offers a complete solution for managing non-payroll spending. This includes company credit cards, bill payments, purchase orders, and employee reimbursements.

Businesses using Airbase can now directly connect to TravelPerk. The Paypers mentioned that they can set travel policies, limit how much can be spent on bookings, and use Airbase-provided virtual or physical cards for travel expenses. This integration saves time and offers better control over travel costs. Businesses can also enjoy quicker reimbursements and a better overall experience.

The partnership between Airbase and TravelPerk is changing how companies manage their travel and expenses. It simplifies keeping track of spending and staying within a budget. This new integration sets new business travel and expense management standards.

Read Also: What Are the Benefits and Drawbacks of Using AI Travel Planners in Your Adventures?