TravelPerk raises $200M, buys Swiss spend management leader Yokoy

Spanish tech star TravelPerk has raised a whopping $200mn and sealed the acquisition of expenses platform Yokoy.

The investment values TravelPerk at $2.7bn — almost double last year’s $1.4bn valuation. The business travel giant said the funds would fuel further product development and expansion into the US. European VC firm Atomico led the Series E investment.

Alongside the cash injection, TravelPerk announced the purchase of Yokoy, a Swiss startup that’s become a market leader in expense management. TravelPerk will now integrate Yokoy into one automated platform for travel and expenses.

“Customers don’t have to compromise anymore,” said JC Taunay-Bucalo, TravelPerk’s president and COO. “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.”

The announcements come amid renewed hopes for the travel industry. Global tourism rebounded to pre-COVID-19 levels in 2024, while business travel was tracking to surpass the peak it hit before the pandemic.

Funding is now flowing back into travel tech startups. Last year, they enjoyed a record-breaking year of investments.  

The news also brings together two members of TNW’s extended family.

TravelPerk is an alumni of TNW’s TECH5 — a competition for European scaleups. The contest returns to TNW Conference on June 19 and 20. Applications are open until February 28.

Yokoy, meanwhile, is a member of TNW’s community of fast-growing tech companies. In 2022, the startup opened a new European base in TNW City, Amsterdam.

Announcing the move, Yokoy pointed to the attractions of the local fintech scene.

“Our move into the market is not about just setting up a satellite sales office in a new location — we see Amsterdam as a crucial hub for growing our European operations,” Lars Mangelsdorf, the company’s co-founder and chief customer officer, said at the time.

“The Dutch market is advanced when it comes to fintech adoption, and it felt like a natural next move to bring our spend management solution to businesses in the region.”