‍OVERVIEW

Perk is AI-native travel and spend management platform built to eliminate the hidden, manual tasks that drain productivity by automating travel bookings, expenses, invoice processing and events. Using a single, intelligent and fully integrated platform, Perk provides businesses with the ability to control and manage every aspect of corporate travel and spend management. Perk’s AI is a proprietary and purpose built model trained on a vast dataset giving it the ability to add context and instantly structure data. 

In 2025, Perk crossed $300m in annualized revenue and grew revenue 48%, making it the fastest growing global travel and spend management platform. Its best in category gross margins provide a clear pathway to profitability in the short term. 

To accelerate global growth of its AI-native platform, Perk secured a $300 million credit facility from top-tier lenders, featuring a $100m credit line from Liquidity, structured through Mars Growth Capital, the joint venture between Liquidity and MUFG Bank, Ltd. The deal shows how Liquidity is backing the leading AI-driven infrastructure across the technology ecosystem. 

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THE CHALLENGE: SUSTAINING GLOBAL MOMENTUM AT SCALE

Founded in 2015 by Avi Meir, Perk was built to solve a problem hiding in plain sight inside every large organisation: the hours of invisible administrative work - what Perk calls 'shadow work' - that accumulates around travel bookings, expense submissions, invoice approvals and event coordination. Perk's research puts the cost at seven hours of lost productivity per employee each week, a $1.7 trillion drag on the global economy.

Perk's response was a single, AI-native platform that collapses that overhead. By training a proprietary model on a vast dataset of corporate travel and spend, Perk can instantly contextualise and structure data that other platforms push back onto finance teams and employees to sort out manually.

The traction validated the approach. By the end of 2025, Perk had crossed $300 million in annualised revenue and grown 48% year on year without sacrificing customer experience. In November 2025, the company unified travel, spend and events into one integrated product and rebranded to Perk, signalling the breadth of its ambition.

The next chapter was already mapped out: deepening the AI capabilities that drove the margin expansion, launching the integrated spend platform in the US, and extending the platform's reach across international markets. Executing all of that at pace, without diluting existing shareholders, required a financing structure built around Perk’s growth trajectory.

Perk needed a credit facility that was:

1. Substantial and syndicated: large enough to fund a global product and go-to-market push, with lenders who understood the scale of the opportunity.
2. Non-dilutive: preserving founder equity and the runway established through prior rounds, rather than adding further dilution.
3. Structured for a technology company: one of the few private credit transactions of this scale completed in the current market by a software business, it required lenders with conviction in Perk's business model and trajectory.

The goal: accelerate investment in product, technology and AI, and fund Perk's next phase of global growth, including the US launch of its integrated spend platform.

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THE SOLUTION: CONVICTION CAPITAL FROM A SYNDICATE OF TOP-TIER LENDERS

Liquidity participated in the $300 million syndicated facility by contributing $100 million through Mars Growth Capital, its joint venture with MUFG Bank, Ltd.

The deal upsized and replaced Perk's prior 2024 credit facility on materially improved terms, reflecting how substantially the business had grown since that initial arrangement was put in place.

For Liquidity, the investment reflected a clear thesis: Perk's AI capabilities were not a feature layer, but the engine driving its unit economics. The margin expansion from 40% to mid-70s in three years told a story about what proprietary AI can do when it is built into a product from the ground up rather than added on afterwards. Liquidity's decision-science approach to underwriting allowed the team to assess that trajectory against Perk's growth data and arrive at a well-structured position within a high-quality syndicate.

"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. We are excited to support the company through their next phase of growth."

- Ron Daniel, Co-Founder and CEO of Liquidity. 

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THE IMPACT: CAPITAL THAT PROPELS AN AI-NATIVE GROWTH STRATEGY

With the facility in place, Perk has the capital to execute on three fronts simultaneously: deepening AI across the product, expanding into the US with its integrated spend platform and continuing to grow its international presence across its 12,000-company customer base.

This financing will help drive Perk’s investment in product, technology and AI, alongside its plans for global growth, including the upcoming US launch of its integrated spend platform. We chose Liquidity for their ability to move quickly and decisively with highly attractive loan terms. This syndicated credit facility will provide the impetus we need to scale in line with our global ambitions.

- Avi Meir, Co-Founder and CEO, Perk

Key outcomes:

• Product and technology investment: capital deployed directly into the AI capabilities that underpin Perk's margin profile and competitive differentiation.
• US market expansion: funding in place to launch Perk's integrated spend platform in the US - a significant new market for a business that has built its footprint primarily in Europe.
• Materially improved terms: the facility replaced the 2024 arrangement on better terms, reflecting the growth Perk has delivered and the strength of lender conviction in its trajectory.
• Validation of the AI-native model: the transaction is one of the few private credit deals at this scale completed by a technology company in the current market - a signal of how the syndicate views Perk's business quality and execution track record.

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PROPELLING AMBITIOUS FOUNDERS FORWARD

Liquidity invests in visionary growth and mid-market companies around the world, deploying from $10 million to $200 million in flexible, tailored capital designed to accelerate growth. 

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We partner with founders to unlock ambition. Get in touch to find out more.

Scale globally with liquidity

Liquidity invests in visionary growth and mid-market companies around the world, deploying from $10 million to $200 million in flexible, tailored capital designed to accelerate growth.

We partner with founders to unlock ambition. Get in touch to find out more.

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