U.S. Bancorp earlier this month agreed to acquire the San Francisco-based fintech company TravelBank, an acquisition intended to allow U.S. Bank to accelerate its integration of commercial digital payments.
TravelBank helps businesses control and track expenses, streamline approvals and reporting, automate processes, and ensure compliance with company policies. TravelBank’s platform “easily syncs into common accounting systems, automates this work and can be tailored to meet the needs of each organization,” according to Minneapolis-based U.S. Bancorp.
“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.”
The transaction is expected to be completed by the end of this year.
“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.”