Onfly Raises $40 Million for Travel and Expense Management Platform
Onfly raised $40 million in a Series B funding round to support the expansion of its corporate travel and expense management platform into Mexico and other Latin American markets.
The company was founded in 2018 and is one of the five largest corporate travel management firms in Brazil, with its platform serving more than 2,000 companies, Onfly said in a Tuesday (April 15) press release.
In addition to supporting its international growth, Onfly will use the new funding to accelerate its technology development, integrate artificial intelligence, and expand its marketing and sales efforts, according to the release.
“Today’s workforce expects the same seamless, intuitive experience from corporate software that they get from consumer apps,” Onfly CEO and co-founder Marcelo Linhares said in the release.
Onfly’s platform offers fully digitized travel options that include flights, hotels, buses and rental cars, according to the release. It is also adding short-term rentals for corporate travel.
The platform also provides real-time auditable data, enterprise resource planning (ERP) integrations and a corporate card, per the release. The corporate card is now used by 65% of Onfly’s customers and has processed $35 million in total payment volume in the past two years.
Dave Yuan, founder and partner at Tidemark, which led Onfly’s latest funding round, said in the release that the company’s platform is redefining a corporate travel space that suffers from “clunky systems, opaque pricing and a reliance on service-heavy, fee-driven models.”
“Onfly is changing all of that,” Yuan said in the release. “They’re creating a magical flywheel in corporate travel: lower costs for businesses; a smoother experience for travelers; and more valuable customers for suppliers.”
Corporate cards and expense management systems are being linked to help streamline the efforts to monitor and reconcile the costs of business travel, PYMNTS reported in January.
In another development in the space, Mesh said April 9 that it added a guest travel solution to its global travel and expense management platform, streamlining the process associated with the booking and reimbursement of contractor, candidate and guest travel.
In January, TravelPerk said it took a step toward its goal of building an integrated travel and expense management platform by acquiring spend management platform Yokoy.
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