Business travel platform TripActions has raised a debt facility of up to $500m to launch a travel management and payments solution.
The financing, led by Silicon Valley with participation from Goldman Sachs and Comerica Bank, enables the company to launch its new product TripActions LiquidTMsolves.
Ariel Cohen, Co-founder and CEO at TripActions, said: “Organisations have sacrificed for too long with inferior corporate travel management platforms. From clunky booking tools to poor service, out-of-control costs and complicated travel payments processes.
“Through our customers’ success, we’ve demonstrated that our state-of-the-art technology paired with our best-in-class travel agency service is the only choice in corporate travel management. That’s because TripActions is proven to deliver a great experience for business travellers while empowering their organisations to control costs.
“Now, as part of our commitment to our users to improve their end-to-end travel experience, we’re revolutionising travel payments. We aim to help enterprises further delight their employees while optimising travel processes and spend.”
Through the solution, travel managers can set smart policies to manage travel spend in real time. Furthermore, integration with the TripActions corporate travel platform ensures that TripActions Liquid knows when an employee is on a work trip and can be configured to auto-enable the traveller’s card for travel-related purchases.
Vik Shah, corporate controller at Zoom, said: “Everyone who touches accounting knows that travel payment reconciliation is an issue. But it was always one of those ‘necessary evils’ you had to deal with.
“I wasn’t surprised when TripActions came to me with a solution. What impressed me though, was how effective it is. TripActions Liquid is a major time saver. We’ve been able to reduce travel payment reconciliation time from weeks to minutes each month.”
TripActions collaborated with Visa on the project, allowing customers to use their TripActions Liquid corporate cards anywhere Visa is accepted.
Kevin Phalen, Head of Global Business Solutions at Visa, said: “Visa Business Solutions is excited to support TripActions’ expansion into travel payments following their success in corporate travel management. There is a $20trn opportunity in commercial-card based payments, and the travel industry is one of Visa’s core focus areas.”