U.S. Bancorp, parent company of U.S. Bank, announced today that it has entered into an agreement to purchase San Francisco-based TravelBank, a fintech firm that provides an all-in-one, tech-driven expense and travel management solutions.
The agreement was signed earlier this week and is expected to close in the fourth quarter, which ends December 31. U.S. Bancorp didn't disclose financial details of the transaction.
TravelBank helps businesses control and track expenses, automate processes, streamline approvals and reporting, and ensure compliance with company policies.
The acquisition allows U.S. Bank to accelerate the integration of digital payments within its commercial segment. "We are focused on giving businesses more confidence, control and convenience in managing payments and expenses," 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," Kotwal added.
U.S. Bancorp noted that many companies have employee expense reporting and travel systems that are paper-based, not mobile-friendly, and require extensive manual work. TravelBank's all-in-one platform, which easily syncs into common accounting systems, automates this work and can be tailored to meet the needs of each organization.
"We created TravelBank to provide a single experience for expense reporting and travel management," said Duke Chung, co-founder and CEO of TravelBank. "Our combined offering with U.S. Bank will be the most comprehensive expense, travel and payment management solution in the industry."
U.S. Bancorp is based in Minneapolis. As of September 30, it had nearly 70,000 employees and $567 billion in assets.