TravelPerk, the business travel platform, has announced a new Series E fundraise of $200 million, lead by European venture capital firm Atomico, alongside EQT Growth.

The funding round also had significant participation from Noteus Partners and existing investors, including Kinnevik and General Catalyst.

The oversubscribed round nearly doubles TravelPerk’s valuation to $2.7 billion.

The funding will be used to further accelerate growth, the firm said, with its eyes set on continued expansion into the UK market following the acquisition of AmTrav in 2024.

The firm expanded into Scotland in 2022 with the opening of an Edinburgh office, which created 30 jobs.

Further, the funding will be used to invest significantly into product, technology, and AI to deliver a leading travel and expense management platform for SMB and mid-market companies in the US and Europe.

TravelPerk also announced its acquisition of Yokoy, a market-leader in Europe for AI-powered expense, invoice, and card payment processing.

As companies face greater economic pressures and more complicated regulatory environments, they are increasingly demanding a fully integrated solution that brings travel and expenses together into one automated platform, to simplify the end-to-end experience, streamline processes, and help them better control costs.

Through its acquisition of Yokoy, and deep integrations via an open ecosystem of strategic expense management partners, TravelPerk aims to provide customers in Europe and the US highly localised solutions to suit their individual needs, preserving customers freedom of choice and flexibility.

“Until now, customers had to make hard trade-offs— an integrated solution or best-in-class travel and expense solutions. A platform delivering a great end-user experience or one focused on the experience for Finance,” commented TravelPerk president and chief operating officer, JC Taunay-Bucalo, adding:

“Customers don’t have to compromise anymore. Now, they can have the best travel management product built on the world’s largest inventory, and the expense management product that works best for their business, combined for the best integrated experience there is.”

TravelPerk and Yokoy have collaborated since 2020, successfully partnering to jointly offer travel and expense management to customers such as Breitling, On Running, and Medskin.

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Philippe Sahli, co-founder and CEO of Yokoy, commented: “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.”

Avi Meir, TravelPerk CEO and co-founder, commented: “Our focus has never been stronger as we expand across core markets, accelerate growth in the US, and now work to become the number one travel and expense management platform.”

He continued: “Our partnership with Yokoy has already been a great success, and we are excited to take it to the next level by welcoming Phil, Devis, and the rest of the team to TravelPerk. 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.”