TravelBank provides an integrated travel and expense management platform designed to simplify business travel, expense reporting, and travel policy enforcement. The product includes 24/7 in-house customer success support and a travel rewards program to improve employee experience. TravelBank reports serving more than 120,000 users and powering expense and travel solutions for over 20,000 companies, up from 800 organizations in 2017. The company says customers reduce travel spend by about 30% on average. TravelBank is expanding beyond its SMB focus into other industries, including efforts to grow in the entertainment sector. At its Altitude conference it announced new products such as SuperItinerary, which powers door-to-door business travel planning. TravelBank builds software that analyzes flights and determines a reasonable cost upfront, then rewards employees who book under budget by splitting the savings with their employer. Savings are automatically placed into accounts for Lyft, Uber, Airbnb or Amazon as digital credits rather than direct cash. The company focuses on small businesses and offers its software for free, monetizing through commissions from airlines. TravelBank has signed up 800 companies in its first nine months of operation. With the new funding, it plans to double headcount from about 30 to 60 employees within the year. CEO and co-founder Duke Chung positions TravelBank as a competitor to legacy tools like Concur; competitors mentioned include TripActions and Rocketrip. The company previously closed a $10 million Series A and recently completed a $25 million Series B. TravelBank is an expense-account app that predicts what employees should spend on trips, helps them file expenses, and gives cash rewards when employees come in under budget. The company launched apps on iOS, Android, and web and lets users submit receipts by taking photos, export PDFs, and integrate with QuickBooks, NetSuite, and Bill.com. TravelBank targets small- to medium-sized businesses that the team says are too small for Concur and is pursuing bottom-up distribution by allowing individual employees to sign up for free. It will be free to use initially and plans to monetize in the future, potentially via per-seat fees or a percentage of savings. Co-founder and CEO Duke Chung previously started Parature and sold it to Microsoft for $100 million. The product includes an employer-activated rewards feature that estimates appropriate spend on flights, hotels, rentals, and meals and returns a portion of unspent budget to frugal employees.

Total raised

$35M

Funding rounds

3

Latest round

Series B

Latest activity

Aug 2017