Neuberger Specialty Finance has led a $300 million private credit facility for Perk, with Liquidity, Blue Owl Capital and Hercules Capital also in the lender group. Liquidity provided $100 million of the facility.
The facility upsizes and replaces Perk's 2024 credit line of up to $135 million, which was led by Blackstone Credit & Insurance and Blue Owl Credit.
Perk said proceeds will accelerate investment in product, technology and AI and fund a US launch of its integrated spend platform.
Perk, formerly TravelPerk, provides software for corporate travel and spend management. Founded in Barcelona in 2015, it now has dual headquarters in Boston and London.
The company said it crossed $300 million in annualised revenue in 2025 and grew revenue 48 per cent. In November 2025 it rebranded from TravelPerk and launched an integrated travel, spend and events platform.
In January 2025 Perk raised a $200 million Series E led by Atomico and EQT Growth, valuing the company at $2.7 billion, and acquired Swiss spend-management company Yokoy. In June 2024 it acquired Chicago-based AmTrav alongside the Blackstone and Blue Owl facility.
"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, Chief Financial Officer of Perk.
"We are excited to lead this credit facility for Perk, an exceptional company and a clear AI-native leader in a massive market," said Laura Johnson, Managing Director at Neuberger Specialty Finance. "Its strong unit economics, high-quality management team, and demonstrated track record of execution position the company exceptionally well to capitalize on the significant opportunity to transform how companies manage travel and spend."
"We are delighted to partner with Perk again to provide capital to support the next phase of growth," said Kurt Tenenbaum, Senior Managing Director at Blue Owl Capital. "Having seen this firsthand over the last two years, we are proud to continue supporting the team as they accelerate their global expansion."
Neuberger Specialty Finance is the dedicated asset-based investment team within Neuberger. It says it has deployed more than $12 billion of capital since 2018.
Liquidity said its in-house asset management subsidiary has deployed more than $2 billion across more than 45 verticals and 35 countries.