# High-Level Overview
Onfly is a corporate travel and expense management platform that digitizes and streamlines how businesses handle employee travel bookings, expense reporting, and cost control[2]. Founded in 2018 and headquartered in Belo Horizonte, Brazil, Onfly serves over 2,000 companies across Latin America, including major clients like Vivara, PicPay, Hotmart, and Vtex[2].
The company addresses a fundamental inefficiency in corporate travel: the reliance on legacy systems, manual processes, and traditional travel management companies (TMCs) that prioritize service fees over cost optimization[2][4]. Onfly's platform replaces human-dependent workflows with modern, self-service technology that integrates travel booking, expense management, real-time auditable data, and enterprise resource planning (ERP) integrations[3]. The company has achieved remarkable growth, with a 110% compound annual growth rate over four years and projections to reach $250 million in Gross Merchandise Volume in 2025[2].
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# Origin Story
Onfly emerged from recognizing a critical gap in Latin America's corporate travel market. Founded in 2018, the company built its solution during a period when the region's travel tech sector remained heavily dependent on outdated, analog processes—a stark contrast to the digital transformation already underway in North American markets[4].
The company gained early validation through rapid customer adoption and strong unit economics. By 2023, Onfly had secured a $16 million Series A round led by Left Lane Capital and Cloud9 Capital[2]. This momentum accelerated further in April 2025 when the company raised a $40 million Series B, led by Tidemark Capital—a venture firm with deep expertise in both fintech and travel technology, whose founder Dave Yuan previously backed companies like Nubank and Klook[2][4]. This institutional backing from investors with Latin American market experience validated Onfly's thesis and provided capital to scale aggressively.
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# Core Differentiators
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# Role in the Broader Tech Landscape
Onfly exemplifies a broader pattern: software-driven disruption of traditionally service-heavy industries in emerging markets. While corporate travel digitization occurred in the U.S. over the past decade, Latin America's larger and less digitally penetrated market presented a greenfield opportunity[4].
The company benefits from converging tailwinds: post-pandemic normalization of business travel, increasing corporate focus on expense management and cost control, and growing adoption of cloud-based ERP systems that Onfly integrates with[2][3]. Additionally, the rise of fintech in Latin America (evidenced by Nubank's success) created investor appetite and talent pools for companies solving financial workflow problems—which corporate travel fundamentally is[4].
Onfly's success also signals investor confidence in category-defining software companies in Latin America. Rather than competing on service or relationships, Onfly competes on technology and unit economics—a model that scales more efficiently and attracts venture capital at higher valuations[4].
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# Quick Take & Future Outlook
Onfly is positioned as a category leader in a market inflection point. The company's $40 million Series B explicitly targets AI integration, international expansion (particularly Mexico), and accelerated marketing—suggesting ambitions to become the continental standard for corporate travel management[2].
The key question ahead is execution at scale: Can Onfly maintain its growth rate while expanding beyond Brazil? The appointment of Drew Patterson (former VP of Marketing at Kayak, co-founder of Jetsetter) to Onfly's board signals serious ambitions to build a globally competitive travel technology platform[4]. If successful, Onfly could become a rare example of a Latin American software company that achieves category leadership in its home region and then expands globally—reversing the typical pattern where U.S. companies dominate emerging markets.
The broader implication: as Latin American markets mature and digitize, software companies built locally with deep market understanding may prove more resilient and valuable than imported solutions. Onfly's trajectory will be closely watched as a test case for this thesis.
Onfly has raised $56.4M in total across 3 funding rounds.
Onfly's investors include Cedro Capital, Left Lane Capital.
Onfly has raised $56.4M across 3 funding rounds. Most recently, it raised $40.0M Series B in April 2025.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Apr 1, 2025 | $40.0M Series B | Cedro Capital, Left Lane Capital | |
| Jun 1, 2023 | $16.0M Series A | Cedro Capital, Left Lane Capital | |
| Jan 1, 2021 | $370K Seed | Cedro Capital |
