American bank acquires TravelBank | PYMNTS.com
The company announced the acquisition in a Press release Tuesday (November 16), indicating that the agreement should be concluded during the fourth quarter of the year. Financial terms have not been released.
Based in San Francisco, TravelBank helps businesses track expenses, automate processes, ensure compliance, and streamline reporting and approval.
“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 Kotwalvice president of payment services at US Bank.
“By partnering with TravelBank over the past year, we have seen how effective the solution is in improving business efficiency. This acquisition will allow us to significantly expand our customer base and deliver even more value to our customers,” he said.
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According to the statement, TravelBank’s platform allows businesses to avoid using paper-based and manual travel and declaration systems, by automating this work and adapting it to the unique needs of each business.
“With its track record of delivering innovative payment solutions that improve business efficiency, we couldn’t be more excited to join the US Bank family,” said Duke Chung, co-founder and CEO of TravelBank. “We created TravelBank to provide a unique experience for managing travel and expense reports. Our combined offering with US Bank will be the most comprehensive expense, travel and payment management solution in the industry.
US Bank says the acquisition will allow it to accelerate the integration of digital payments into the commercial segment.
Last month, the bank said it was considering offering more payment services. In a presentation to analysts, the bank said that of its 1.1 million business, only 28%, or 308,000, use payment services.
“With 1.1 million business banking relationships, there is a significant opportunity for us to deepen current relationships and acquire new customers,” the presentation reads.
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