TravelPerk, the Barcelona-based platform for managing business travel, just landed a whopping $200 million in funding. The company’s valuation has nearly doubled to $2.7 billion, up from $1.4 billion in its last funding round. Alongside this boost, TravelPerk announced it’s acquiring Swiss startup Yokoy to integrate expense management directly into its platform.

The travel industry is bouncing back big time, almost reaching pre-pandemic levels. Business travel, in particular, is expected to hit a record $1.5 trillion in 2024, according to industry experts. This resurgence is fueling interest in startups like TravelPerk, which offers businesses a one-stop solution for booking, managing, and reporting travel.

Despite the rise of remote and hybrid work, TravelPerk isn’t seeing a slowdown in demand for corporate travel. In fact, companies are still prioritizing travel to drive sales and networking efforts. “Whether it’s for a sales meeting or installing a wind turbine, being on the ground is often essential,” explains a company executive.

With this new funding, TravelPerk is doubling down on global growth, especially in the U.S. market. The company also plans to dive deeper into expense management by fully integrating Yokoy’s AI-powered tools into its platform. Yokoy, which has raised $107 million since 2019, brings cutting-edge technology to the table, making travel and expense management smoother for businesses.

This move mirrors similar shifts in the industry, as companies like TripActions and Ramp expand their offerings to stay competitive. By combining travel and expense services, TravelPerk is positioning itself as a leader in the space.

“Our focus is clear: we’re building the ultimate travel and expense management platform,” says TravelPerk’s CEO. With its latest funding and strategic acquisition, TravelPerk is ready to take on the future of business travel.