Onfly, a corporate travel and expense management platform in Latin America, has raised a series B round of $40 million to support fast growth.
Using the Onfly platform, employees of client companies can book and manage flights, hotels, buses, rental cars, and short-term rentals, as well as manage expenses. The company also offers prepaid corporate cards that clients can issue to employees.
Marcelo Linhares, CEO and co-founder of Onfly, says there’s a lot of opportunity for this type of tech in Latin America because the incumbent business travel agencies are largely offline. And as Europe and the U.S. have made big strides toward digitization of corporate travel, Latin America is a lot farther behind.
This level of opportunity is what attracted Tidemark to lead the round for its first travel company, said Drew Patterson, a venture partner for the firm.
“The market is trailing behind other kinds of geographies in terms of the overall adoption of these tools and technologies. If you look at the market, folks like us … have 2% of market share today,” Patterson said. “There’s an enormous amount of greenfield for players like Onfly to take from the market.”
Patterson is joining the Onfly board. Patterson is the former vice president of marketing at Kayak and was CEO and co-founder of Jetsetter, which TripAdvisor acquired in 2013.
Fast Growth and Competition
Onfly, based in Brazil, was founded in late 2018.
The company expects to reach annual sales (gross merchandise volume) of $250 million in 2025. The company says it has more than doubled each year for the past four years (compound annual growth rate of 110%).
Onfly says it has more than 2,000 client companies, including Vivara, PicPay, Hotmart, and Vtex. When the company raised $16 million in 2023, that number was nearly 1,000. The company said some of its clients have transitioned from 90% offline bookings to 90% online bookings.
Skift Research has shown that series B rounds have been less frequent in travel over the last couple of years, as investors have preferred more established startups post-pandemic. But corporate travel seems to be an exception, as startups of all sizes are raising money worldwide.
Mendel, a young competitor to Onfly, just raised $35 million in series B funding last month. Tumodo, based in Dubai, raised $35 million last year. And Juno just raised a seed round to help companies manage non-employee travel. On the other end of the spectrum, TravelPerk raised another $200 million earlier this year.
“I’m sure a lot of investment in venture capital will be deployed in this segment in the next two, three years,” Linhares said.
Growth and Tech Development
Onfly has been focused on Brazil, and now it’s ready to expand further into Latin America.
The company started moving into Mexico last year, with plans to add 2,500 clients there by 2027.
“And after Mexico, understand we have opportunities in Colombia, Argentina, and Chile,” Linhares said.
The funding will also go toward more tech development and AI integration. Onfly recently released an expense management tool that uses AI to analyze expense and detect fraud. The company is also look at expanding AI for customer service and to improve efficiency in various areas.
The company is also growing its short-term rentals offering, with plans to add 5,000 units in São Paulo by the end of 2025.
The company has 550 employees, including about 150 software developers. Linhares expects to reach 700 employees by the end of the year.
Staying ahead of the next wave of change.
June 4, 2025 – NEW YORK CITY
