Online travel management platform TravelPerk has announced the launch of its latest product, FlexiPerk, which is designed to give business travellers the ability to cancel and get a refund on any booking.

FlexiPerk gives business travellers flexibility if their plans change, with the ability to cancel hotel, train, Airbnb, car and flight bookings at any time and for any reason. Users pay an upfront fee of 10 per cent of the cost of their trip when making a booking and are guaranteed a minimum 90 per cent refund on any cancellations.

The product also saves travellers time filling out refund request forms, with TravelPerk cancelling the booking and processing the refund once the option is selected on the platform.

According to TravelPerk, test cases with existing customers have yielded average savings of 26 per cent compared to the cost of flexible fares and last-minute cancellation fees.

The launch follows the company’s completion of a US$104 million Series C investment round, which it says will allow it to continue to grow and develop its technology.

CEO Avi Meir commented: “We believe that the launch of FlexiPerk is the biggest development in the business travel industry in more than a decade. It marks a change in the status quo of business travel’s pricing structure – and is a key development in our long-term strategy, which is focused on not just playing catch-up with the flexibility and convenience of consumer travel, but actually surpassing it. We are delighted with the feedback from early customers and are excited to be bringing FlexiPerk to the wider market as part of our mission to make every stage of business travel as seamless as possible.”

Elise Baeriswyl, people associate at Picnic, which tested FlexiPerk, said: “At Picnic, we’re growing really fast and have a truly international team with people flying in from around the world. But growing so quickly means plans change all the time. Before FlexiPerk, we had to either pay expensive changeable fares or go through the headache of getting refunds from airlines. Now we can book anything with the peace of mind that we’ll get our money back if plans change.”

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