- TripActions announced it raised a debt facility of up to $500 million to launch a corporate travel management and payments platform
TripActions — one of the fastest-growing business travel platform — announced it has raised a debt facility of up to $500 million to launch the first end-to-end global corporate travel management and payments platform. The debt financing was led by Silicon Valley Bank with participation from Goldman Sachs and Comerica Bank.
And the financing enables TripActions to officially launch its second major product. And the TripActions Liquid product is known for solving the hassles of global travel payments to deliver a better experience for road warriors, finance leaders, and travel managers. And the product launch follows positive feedback from finance and travel leaders using TripActions Liquid within some of the world’s leading public and private companies.
Employees that are traveling benefit with TripActions Liquid as they no longer have to carry the cost of work travel on their personal credit cards, including the flight, hotel, incidentals, rideshares, dining, etc. Plus TripActions Liquid utilizes partners like AppZen. And this eliminates traveler angst and guesswork along with out-of-policy spend.
And with a collaboration between TripActions and Visa, users are able to travel with confidence knowing TripActions Liquid corporate cards are accepted everywhere Visa is accepted across more than 46 million merchant locations in more than 200 countries and territories.
With TripActions Liquid, finance leaders and travel managers can set smart policies to manage travel spend in real-time. And it offers seamless 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 traveler’s card for travel-related purchases. Plus time-consuming back-end work by finance is no longer required when bookings, payments, and reconciliation are done within a single platform. And TripActions offers a competitive rebate on all spend processed through TripActions Liquid, resulting in more savings for organizations.
TripActions and TripActions Liquid is known for delivering consumer-like ease-of-use with powerful personalization and inventory choice, 24/7 travel agents, and streamlined travel payments that business travelers enjoy. And as a result, organizations achieve high adoption. This gives enterprise leaders the spend visibility, control, and insights they need for optimizing their travel, save money, and fulfill the duty of care.
TripAction is used by nearly 4,000 companies to manage nearly $2.5 billion in travel budget annually. And TripActions reduces average booking time from 60 minutes down to less than six while achieving 90%+ traveler adoption, an unprecedented 93% traveler satisfaction, and up to 34% savings on lodging alone.
Key Quotes:
“TripActions is the only complete, end-to-end corporate travel management solution for finance teams and travel managers, combining the best online booking tool, travel management company and travel payments solution into a single platform. It’s a no-brainer to use TripActions Liquid with the TripActions corporate travel platform—it’s booking and payments integrated seamlessly to make travel spend management a breeze.”
– Samantha DeRosa, Senior Accounting Manager at Toast
“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.”
– Vik Shah, Corporate Controller at Zoom.
“Implementing TripActions Liquid took minutes and we’ve seen immediate improvements to our travel payments process. With TripActions Liquid, we’re getting top reviews from travelers who appreciate the experience, as well as our finance team who love that reconciliation of travel payments now takes less than ten minutes.”
– David Wieseneck, VP Finance at letgo
“Organizations 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 travelers while empowering their organizations to control costs and save money.
– Ariel Cohen, Co-founder and CEO at TripActions
“Just as the corporate travel management sector has seen tremendous investment to drive innovation, travel payments is the next space that needs disruption. As a leader in the space, TripActions is well positioned, with the introduction of its enhanced payment capability, to take advantage of the huge market opportunity for travel payments. The product enhancement demonstrates that TripActions continues to work diligently to add more and more value to its users, customers, partners and the market as a whole.”
– Kevin Permenter, Research Manager at IDC
“Deciding to use TripActions Liquid for travel payments was a no-brainer for letgo. I can’t see why anyone wouldn’t want to use this. It’s more secure, it saves time, and makes our lives easier.”
-David Wieseneck, VP Finance, letgo
“Where it used to take weeks with all the manual work required, travel payment reconciliation now takes under an hour each month with TripActions Liquid reducing our collective workload by more than 20%.”
-Jasmine Pope, Procurement Travel and Expense Analyst, Lyft
“While nearly everything was self-service and easy to set up, I was really pleased at how this entire implementation went, as well as the ongoing support we’ve been receiving while rolling out TripActions Liquid. I feel like we’re really getting a white-glove experience and I appreciate that they treat us like a true partner. Reconciliation now takes under an hour with TripActions Liquid, versus a month previously when we had to manually call hotels to verify data.”
-Tu Nguyen, Accounts Payable Analyst, Zoom
“SVB welcomed the opportunity to closely partner with the TripActions team to structure and provide a unique facility that can scale as TripActions Liquid grows. We are proud to build on our long-standing relationship with TripActions and serve as the Sole Lead Arranger and Administrative Agent.”
-Victoria Regan, Managing Director of Loan Syndications, Silicon Valley Bank
“Goldman Sachs is proud to be working with TripActions around this important product launch at an exciting moment in the company’s growth.”
-Ward Waltemath, Head of Global Enterprise Technology Investment Banking, Goldman Sachs
“By helping businesses save considerable time and money, TripActions is poised for significant growth in the corporate travel space. We are pleased to partner with TripActions to provide financing that will enable them to scale rapidly as they deliver a high-quality customer experience.”
-Sunita Patel, President Technology and Life Sciences Division at Comerica Bank
“Visa is excited to support TripActions’ expansion into travel payments. There is a $20 trillion opportunity in commercial-card based payments, and the travel industry is one of Visa’s core focus areas for growth. With the power and global acceptance of Visa behind TripActions Liquid, business travelers can focus on where they’re going, rather than the process of getting there.”
– Kevin Phalen, SVP, Global Head, Visa Business Solutions
