Travel and expense management platform TripActions has raised $300 million in a Series G round and said it will use the new funding to accelerate its global expansion.
That expansion has already been underway as, over the past year, TripActions has acquired three travel management companies, launched a card-led automated expense management platform called TripActions Liquid in Europe and opened offices in Portugal, Germany, France and the United Kingdom. It now has 2,500 employees across 60 global offices, the company said Wednesday (Oct. 12) in a press release.
“The recent funding round shows not only the strength of [TripActions’] business model, but also the value to companies looking to increase savings and enable responsible spending,” TripActions CEO and Co-founder Ariel Cohen said in the release. “TripActions is proof that empowering users through relentless innovation and automation is the future of travel.”
To help companies rein in their business travel costs, TripActions’ solutions include a dynamic travel policy, real-time reporting with benchmark data, traveler incentive programs, built-in spend controls and automated expense reporting, itemization and reconciliation, according to the press release.
“From the start, TripActions revolutionized business travel by automating, personalizing and professionalizing the experience,” Andreessen Horowitz Cofounder and General Partner Ben Horowitz said in the release. “Despite a pandemic that brought business travel to a standstill, the company doubled down on innovation and now those bets are paying off in a big way.”
As PYMNTS reported in August, now that the world has largely reopened after the pandemic restrictions, the travel industry is booming again.
Read more: Why Are Travel Industry Vendor Payments So Complicated?
Business travel is a big part of it. For example, in the second quarter, business travel accounted for roughly two-thirds of Hilton Worldwide’s revenue mix and just over half of Marriott International’s, according to company earnings reports.
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