Business Travel Firm TripActions Reportedly Weighing IPO

Business travel management startup TripActions is working with advisors to possibly file confidentially for an initial public offering (IPO).

While there’s no timeline, the startup is weighing a public offering, Bloomberg reported on Thursday (Aug. 4), citing unnamed sources with insider information.

Headquartered in Silicon Valley and founded in 2015 by CEO Ariel Cohen and CTO Ilan Twig, TripActions provides an end-to-end corporate card, expense management and travel platform. The startup has been backed by Lightspeed Venture Partners, Addition, Zeev Ventures, Group 11, and others.

An IPO has been part of the company’s big picture, a spokesperson for TripActions told Bloomberg.

See also: Travel Startup TripActions Seeks Funding at $9B Valuation

TripActions has been in talks to raise new funds at a $9 billion valuation as the travel industry started rebounding from the pandemic, PYMNTS reported in May. The startup raised $2.75 million from investors last October at a $7.25 billion valuation.

The firm also recently partnered with Deutsche Lufthansa on a new online travel booking site, which will cater to small and medium-sized businesses.

Read more: TripActions Acquires Travel Management Company Comtravo to Expand European Reach

TripActions acquired travel management company Comtravo in February to expand its foothold across the U.K. and Europe, PYMNTS reported. Comtravo serves Germany, Austria, Switzerland and Scandinavia.

“TripActions is on the fast track to dominating travel and expense on a global scale,” Cohen said at the time. “We’ve invested heavily across Europe over the past year, and Comtravo is the perfect addition to build out our regional offering as the only truly global all-in-one travel, corporate card and expense management solution.”

Comtravo offers domestic rail, low-cost carriers and ancillary air travel supply services. With Comtravo, TripActions will expand its offerings and double the number of agents available to help travelers across Europe. It will also increase its customer base to more than 7,500, covering $6 billion in total travel budget to more than 94 countries.