U.S. Bancorp to Acquire TravelBank, an All-in-One Expense and Travel Management Solution
November 16 2021 - 11:00AM
Business Wire
A leader in corporate payment solutions,
U.S. Bank integration with TravelBank’s platform provides customers
an end-to-end expense, travel and payment program
U.S. Bancorp, the parent company of U.S. Bank, has entered into
an agreement to acquire TravelBank, a San Francisco-based fintech
company that provides an all-in-one, tech-driven expense and travel
management solution. TravelBank is easy to use for employees and
helps businesses control and track expenses, automate processes,
streamline approvals and reporting, and ensure compliance with
company policies.
“We are focused on giving businesses more confidence, control
and convenience in managing payments and expenses. TravelBank will
help us accelerate these efforts,” said Shailesh Kotwal, vice chair
of Payment Services at U.S. Bank. “In partnering with TravelBank
over the past year, we’ve seen how effective the solution is in
improving efficiencies for businesses. This acquisition will allow
us to significantly expand our client base and deliver even more
value to our customers.”
Many companies have employee expense reporting and travel
systems that are paper-based, not mobile friendly and require
extensive manual work. The all-in-one TravelBank platform, which
easily syncs into common accounting systems, automates this work
and can be tailored to meet the unique needs of each
organization.
“With its track record of delivering innovative payment
solutions that improve efficiencies for businesses, we couldn’t be
more excited to join the U.S. Bank family,” said Duke Chung,
co-founder and CEO of TravelBank. “We created TravelBank to provide
a single experience for expense reporting and travel management.
Our combined offering with U.S. Bank will be the most comprehensive
expense, travel and payment management solution in the
industry.”
The acquisition allows U.S. Bank to accelerate the integration
of digital payments within the commercial segment. U.S. Bank is an
industry leader in delivering innovative corporate payment
solutions, including virtual corporate credit cards and tools to
improve working capital. U.S. Bank Instant Card, for example,
provides a quick, efficient way for employees and contractors to
make authorized purchases with a card pushed directly to the user’s
mobile phone for immediate use. In 2020, U.S. Bank and TravelBank
partnered to integrate Instant Card seamlessly into the TravelBank
solution. U.S. Bank is also helping clients to maximize the working
capital benefits of their commercial card program by being the
first bank to utilize Real Time Payments (RTP) to allow companies
to fund their card accounts or pay their program immediately,
24-hours a day, 365-days a year.
The purchase agreement with TravelBank was signed on November
14, 2021 and the transaction is expected to close in the fourth
quarter of this year. Financial details of the transaction were not
disclosed.
About U.S. Bank
U.S. Bancorp, with nearly 70,000 employees and $567 billion in
assets as of September 30, 2021, is the parent company of U.S. Bank
National Association. The Minneapolis-based company serves millions
of customers locally, nationally and globally through a diversified
mix of businesses: Consumer and Business Banking; Payment Services;
Corporate & Commercial Banking; and Wealth Management and
Investment Services. The company has been recognized for its
approach to digital innovation, social responsibility, and customer
service, including being named one of the 2021 World’s Most Ethical
Companies and Fortune’s most admired superregional bank. Learn more
at usbank.com/about.
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version on businesswire.com: https://www.businesswire.com/news/home/20211116006066/en/
Todd Deutsch, U.S. Bank Public Affairs & Communications
todd.deutsch@usbank.com | 612.303.4148
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