SoftBank-backed TravelPerk doubles valuation to $2.7 billion, plans fintech push

TravelPerk, a corporate travel platform, raised $200 million from investors including Atomico and EQT in a funding round valuing the firm at $2.7 billion, the company told CNBC.

The fresh financing doubles TravelPerk's market value from January 2024, when it raised $104 million on a $1.4 billion valuation. Noteus Partners also participated in this latest investment round.

In addition to the funding round, the Barcelona-based startup revealed it acquired Yokoy, a Swiss spend management platform, a deal that will see it expand its reach into financial services and become a more unified travel and expenses platform.

As a result of the acquisition, Yokoy investor Sequoia Capital will join TravelPerk's cap table alongside existing investors General Catalyst, Kinnevik, Softbank's Vision Fund and Blackstone.

TravelPerk said the fresh cash would be used to accelerate growth, fuel expansion in the U.S. market and investment in product, tech and artificial intelligence.

Jean-Christophe Taunay-Bucalo, president and chief operating officer at TravelPerk, told CNBC venture capitalists were drawn to the firm's growth story after it rebounded from times of struggle faced during the Covid-19 pandemic.

TravelPerk saw revenues decline rapidly in 2020 and 2021 as most business travel came to a standstill. Revenue has since grown to around five times the size it was before Covid hit, according to Taunay-Bucalo.

"Why we are doing so well now is because we had that period where you had to be strong. You had to have a good foundation, you had to be scrappy," he said.

Hillary Ball, Atomico's growth-focused partner, said the firm was drawn to investing in TravelPerk as it's addressing "a complex and hard problem to solve" around corporate travel.

"This