U.S. Bank Acquires Travel Expense Platform TravelBank

US Bank

U.S. Bancorp — the parent company of U.S. Bank will acquire TravelBank, a FinTech offering all-in-one travel and expense management solutions.  

The company announced the acquisition in a news release Tuesday (Nov. 16), saying the deal is expected to close in the fourth quarter of the year. Financial terms were not 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 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,” he said.

Related news: TravelBank Gets Certification For Cybersecurity Standards 

According to the release, TravelBank’s platform lets companies avoid using paper-based and manual reporting and travel systems, automating this work and tailoring it to each company’s unique needs.

“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.” 

U.S. Bank says the acquisition will allow it to accelerate the integration of digital payments in the commercial segment. 

Last month, the bank said it was considering offering more payments services. In a presentation to analysts, the bank said out of 1.1 million of its business, just 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 said.