Onfly, a Sao Paulo, Brazil-based B2B travel tech company, raised $40m in Series B funding.
The round was led by Tidemark, with participation from Endeavor Catalyst and Left Lane Capital. As part of this funding round, Onfly is also adding Drew Patterson to its board.
The company will use the new capital to accelerate its technology development with a focus on AI integration, expand its marketing and sales efforts, and international growth.
Founded in 2018 and led by Marcelo Linhares, CEO, Onfly provides a platform that digitizes and streamlines corporate travel and expense management for more than 2,000 companies, including Vivara, PicPay, Hotmart, and Vtex. The platform offers a comprehensive inventory of fully digitized travel options, including flights, hotels, buses, and rental cars. The company’s integrated travel and expense management solution, which includes a corporate card launched in 2022, is used by 65% of its customers. In two years, the card has processed approximately $35 million in Total Payment Volume. In the last 4 years, the company has achieved a compound annual growth rate (CAGR) of 110%. Now, they project reaching $250 million in Gross Merchandise Volume (GMV) in 2025, driven by its digital-first approach in an industry dominated by legacy systems. Onfly plans to onboard 2,500 clients in Mexico by 2027 as part of its expansion into Latin America’s second-largest corporate travel market.
FinSMEs
15/04/2025