A private credit facility is a loan or line of credit provided to a company by non-bank lenders — such as private funds or specialty lenders — rather than through public bonds or traditional banks. Think of it like a tailored mortgage or business loan arranged privately: it gives the borrower cash quickly but often at higher interest and with specific rules, so investors watch these deals for higher yield potential, repayment priority and added credit risk.
AI-nativetechnical
A company or product described as ai-native is built from the ground up around artificial intelligence rather than having AI added on later; its core processes, user experience and decision-making rely on machine learning models and data pipelines. Like a house designed for wheelchair access versus one retrofitted, ai-native firms can move faster, scale more cheaply and offer unique products or cost advantages—information investors use to judge future growth potential and risk exposure to model, data or regulatory failures.
annualized revenuefinancial
Annualized revenue is a way to estimate how much money a company will earn in a year based on its current sales over a shorter period. It helps investors understand the company's consistent earning power, kind of like projecting your monthly earnings to see what you might make in a full year.
unit economicsfinancial
Unit economics analyzes the profitability of a single product or service by comparing the revenue it generates to the costs involved in producing and delivering it. It helps determine whether each sale contributes to overall profit, much like assessing if selling one item covers its production costs and leaves money left over. Investors use this to judge if a business model is sustainable and capable of growth.
AI agentstechnical
AI agents are computer programs designed to perform tasks or make decisions automatically, often by learning from data and adapting to new information. They act like virtual assistants or robots that can handle complex activities without human intervention, which can help businesses and individuals save time and improve efficiency. For investors, AI agents matter because they can enhance decision-making and automate processes that influence markets and financial outcomes.
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The $300m facility backed by top-tier lenders reflects strong conviction in Perk's vision to build a leading AI-native platform for travel and spend management
Perk enters its next phase of growth on the back of a 48% revenue growth in 2025, best-in-category gross margins, and a platform built for global scale
The new credit facility upsizes and replaces Perk’s prior facility on materially improved terms, while increasing available capital to further strengthen an already strong balance sheet
BOSTON & LONDON--(BUSINESS WIRE)--
Perk (formerly TravelPerk), the AI-native travel and spend management platform, today announced the close of a $300 million private credit facility led by Neuberger Speciality Finance, alongside Blue Owl Capital Inc. (NYSE: OWL), Hercules Capital Inc. (NYSE: HTGC) and Liquidity. The facility upsizes and replaces Perk's 2024 credit facility on materially improved terms.
This new facility reflects lender confidence in Perk’s vision and strategy, and is one of the few private credit transactions of this scale completed by a technology company in the current market. Proceeds are expected to accelerate investment in product, technology and AI, and fund Perk's next phase of global growth, including the upcoming US launch of its integrated spend platform.
"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. Alongside our investment in the product, the continued roll-out of AI throughout the company will enable us to scale faster and more effectively. We are thrilled to have this group of top-tier lenders who understand the scale of the opportunity ahead and are enthusiastically backing this next phase of growth” comments Roy Hefer, CFO 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. "The company has built a remarkably durable business model, with best-in-class AI capabilities and strong growth that is rare at this scale. Having seen this firsthand over the last two years, we are proud to continue supporting the team as they accelerate their global expansion."
“Perk has built one of the most compelling AI-native software platforms, combining exceptional growth with strong unit economics and a clear path to long-term profitability,” said Ron Daniel, Co-Founder and CEO, Liquidity. “We are excited to support the company through their next phase of growth.”
About Perk
Perk (formerly TravelPerk) is an intelligent AI-native platform for travel and spend management, built to eliminate the hidden, manual tasks that drain productivity and morale - what Perk calls ‘Shadow Work’. By automating travel bookings, expenses, invoice processing and events, the platform gives teams back time to focus on real work, with real impact. Trusted by more than 12,000 companies worldwide - including On Running, Breitling and Fabletics - Perk is tackling the 7 hours of lost productivity per employee each week, a $1.7 trillion problem revealed in The Cost of Shadow Work report. Founded in 2015, the global company combines innovation, control, and simplicity to transform how businesses work today and in the future. Perk’s mission is to power real work by removing the invisible tasks that slow teams down. Perk is a proud partner of the Audi Revolut F1 Ⓡ Team.
