Onfly: Redefining Travel and Expense Management in Latam

At Tidemark, we seek out exceptional businesses that are redefining their categories. When we see a company transforming an antiquated industry with innovative software that delivers clear value to all parties involved, we take notice. 

‍

We've witnessed firsthand how software has begun transforming the U.S. corporate travel market ($1.4 trillion global spend)—delivering deeper visibility into spending, better traveler experiences, and higher-value guests for suppliers.

‍

In Latin America, we see many of the same tailwinds—but with even more opportunity ahead. The local business community is hitting an inflection point: companies are eager to adopt software not just to modernize workflows, but to run their businesses with more control and intelligence. Corporate travel, one of the top three line items for most companies, is ripe for this shift.

‍

The opportunity for disruption is significant. Corporate rate sourcing remains antiquated, often resulting in higher prices than publicly available inventory. Today's business travelers demand tools that match the usability they experience in their personal lives. And most companies in Latin America operate without visibility into their spend or any formal travel policy at all. Integrated travel and expense management software offers companies unprecedented control over their travel spend. 

‍

Enter Onfly

A new class of companies have recognized this opportunity, and Onfly has emerged as the leading (and largest) travel and expense management software provider Corporate OTA in Latin America. 

‍

Onfly’s solution is built around today’s technology. By tightly coupling travel and expense management, Onfly provides clients with reduced fraud, greater visibility around travel expenditure, and closer adherence to corporate policy. Rather than rely on negotiated rates–the travel management company (TMC) approach that often results in higher prices––Onfly takes the best of their proprietary supply and all available inventory to help customers save. Corporate travelers appreciate modern, self-service booking tools, and this dramatically reduces the cost of agents and allows Onfly to align its business model with customer value. 

‍

At Tidemark, we’re excited about the promise of supplier networks that leverage software to create tighter interaction between a firm and its suppliers. Supplier networks allow a firm to manage risk and implement corporate direction more consistently. By replacing human-powered TMCs with software, Onfly brings this idea to life.

‍

Latin America is poised for this innovation. Expense management is hitting an inflection point in Latam: companies are increasingly focused on expense control and compliance, sparking interest from SMBs to enterprises. Brazil is the 10th largest corporate travel market in the world. However, Brazilian TMCs remain fragmented and undercapitalized, so they trail their TMC brethren in other geographies. Little surprise that Onfly has established itself as a top-five corporate travel player in less than five years.

‍

Our Journey with Onfly

As our Vertical SaaS Knowledge Project has expanded globally, it’s attracted a network of investors and entrepreneurs in Brazil who are actively engaged with our frameworks, benchmark reports, and ecosystem events. It’s through this community that we were connected to Onfly in early 2023. 

‍

When we first met CEO Marcelo Linhares and his team, we were immediately struck by their grit, resilience, and ambition. Here was a team that had not only survived the pandemic—a crisis that decimated the travel industry and caused Onfly's revenue to virtually disappear overnight—but had emerged stronger. Rather than folding, Marcelo and his executive team led the company without drawing salaries, ultimately rebuilding a business that demonstrated an impressive 110% CAGR over four years. 

‍

This combination of perseverance during crisis and their unique ability to blend local market understanding with globally-inspired innovations in corporate travel technology convinced us this was a team worth backing. Having observed how software transformed corporate travel in the U.S., we recognized the same patterns emerging in Latin America—with Onfly positioned as the clear category leader in this larger and less digitally penetrated market.

‍

"Tidemark's frameworks for building category-defining businesses have been invaluable to us as we scale," said Marcelo Linhares, CEO and co-founder of Onfly. "Their deep expertise in both travel technology and global markets makes them the ideal partner for our next phase of growth. While other investors understood parts of our vision, the Tidemark team immediately grasped the full potential of what we're building and offered hands-on insights that have already accelerated our trajectory."

‍

Our team brings deep experience in both fintech and travel technology sectors. Prior to founding Tidemark, Dave Yuan led investments in companies like Nubank, Rover.com, SiteMinder, and Klook, giving him unique insight into both the Latin American market and the travel technology ecosystem.

‍

Drew Patterson, Tidemark Venture Partner who joins Onfly's board, brings invaluable expertise as a seasoned travel industry executive. As VP of Marketing at Kayak, he helped establish the platform as a leading travel search provider before its acquisition by Booking.com. He later co-founded and served as CEO of Jetsetter, which was acquired by TripAdvisor. 

‍

Our focus on partnering with software businesses that transform traditional industries proved invaluable to their team, and our global perspective aligned with their vision for expansion beyond Brazil.

‍

Marcelo and the Onfly team have become an integral part of the Tidemark community and we are thrilled to make that partnership official by leading their Series B.