Onfly, the largest B2B travel tech company in Latin America, announced it has secured $40 million in Series B funding led by Tidemark, marking the firm’s first investment in Latin America. The round also included participation from Endeavor Catalyst and New York-based Left Lane Capital, which previously co-led Onfly’s Series A round with the Brazilian fund Cloud9 Capital.

Founded in 2018, Onfly’s platform digitizes and streamlines corporate travel and expense management for more than 2,000 companies, including Vivara, PicPay, Hotmart, and Vtex. 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, reinforcing the expansion into Mexico that began last year.

“This funding is a major milestone for Onfly and opens a new chapter in our journey,” said Marcelo Linhares, CEO and co-founder of Onfly. “Corporate travel and expense management in Latin America is a massive industry undergoing rapid digital transformation. In 2023, the sector generated nearly $50 billion in the region, according to GBTA. Most players have been around for over 40 years and operate as service-oriented businesses with minimal technology adoption. Today’s workforce expects the same seamless, intuitive experience from corporate software that they get from consumer apps.”

“Corporate travel is woefully antiquated—clunky systems, opaque pricing, and a reliance on service-heavy, fee-driven models” shared Dave Yuan, Founder and Partner at Tidemark. “Onfly is changing all of that. They’re creating a magical flywheel in corporate travel: lower costs for businesses, a smoother experience for travelers, and more valuable customers for suppliers. We’ve seen this kind of shift before in other industries—category leaders don’t just adapt the old way, they completely redefine it. Onfly is doing just that, and we’re excited to be part of their journey to reshape corporate travel in Latam.”

Disrupting an Outdated Industry

Onfly has quickly grown to become one of the five largest corporate travel management firms in Brazil––the 10th largest corporate travel market globally. In the last 4 years, Onfly has achieved a compound annual growth rate (CAGR) of 110% and the company projects reaching $250 million in Gross Merchandise Volume (GMV) in 2025, driven by its digital-first approach in an industry dominated by legacy systems.

As part of this funding round, Onfly is also welcoming Drew Patterson to its board. Patterson, a Tidemark Venture Partner, previously served as VP of Marketing at Kayak and was CEO and cofounder of Jetsetter, which was acquired by TripAdvisor.

“As a Corporate OTA, Onfly is disrupting a traditional, stagnant sector with a model built for the future,” said Patterson. “Combining digitally-native solutions with a deep understanding of local market needs has enabled Onfly to quickly emerge as one of the top players in Brazilian corporate travel. We’re excited to join this journey, supporting them as they continue to redefine the category.”

Integrated Travel and Expense Management

Onfly offers a comprehensive inventory of fully digitized travel options, including flights, hotels, buses, and rental cars. The company was the first in Brazil to introduce short-term rentals to corporate travel and plans to add 5,000 additional rental units in São Paulo by the end of 2025, offering companies up to 30% savings on business travel expenses.

“The traditional corporate travel agency model is heavily reliant on human services. Our technology digitizes much of the manual booking and post-sale processes,” added Linhares. “Some of our clients have transitioned from 90% offline bookings to 90% online bookings, drastically improving productivity and efficiency”.

Unlike legacy travel management companies, Onfly’s proprietary technology platform provides real-time auditable data and seamless ERP integrations. 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 just two years, the card has processed approximately $35 million in Total Payment Volume.

Expansion Plans

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.

“Investing in Onfly means supporting a powerhouse team that is rapidly transforming corporate travel and expense management in Brazil and Latin America,” said Igor Piquet, Head of LATAM at Endeavor Catalyst. “They are unlocking billions of dollars trapped in outdated, inefficient systems.”

This Series B funding follows Onfly’s $16 million Series A round in 2023, which was led by Left Lane Capital and Cloud9 Capital.

About Onfly

Onfly is the largest B2B travel tech company in Latin America, serving over 2,000 companies with a fully integrated corporate travel and expense management platform. The company helps businesses of all sizes streamline their travel processes through proprietary technology that enhances cost control and spending transparency, from a coffee at the airport to flights, hotels, rental cars, and buses.