Hi, We’re TravelBank

Today, we’re excited to announce the launch of our flagship service — it’s a smarter, mobile-first budgeting app that completely automates the expense and budget management process. After a $10 million Series A round of investment from NEA and Accel, we are now working with 100 companies who have embraced TravelBank as a way to take the pain out of expense reporting for their employees while changing the culture of excessive spending.

But Why?

Current expense reporting software is clunky, tedious, outdated, and doesn’t provide managers with a window into the company’s future T&E spend.

Corporate travel spending is often conducted with no trip budget in mind, leading to a cycle of overspending.

Thirty-three billion dollars worth of employee time is wasted each year because companies fail to digitize and automate the expense management processes.
(source: Conferma via Pymts.com)

Sixty-six percent of CFOs are dissatisfied with their current expense solution; the majority feel that their current expense management procedure either takes too long or is too expensive.
(source: Conferma via Pymts.com)

We set out to address these issues with a single product — starting with an intelligent algorithm that accurately predicts trip budgets based on real-time pricing. This algorithm takes into account airfare, ground transportation, meals and even local parking. Once the budget is in place, employees expense against it – with green, yellow, and red bars to show how their spending over time compares to the predicted budget.

We’re also giving companies the opportunity to reward employees who beat their budget, making responsible corporate spending cool again. TravelBank is designed to take you from swiping your credit card to seeing the cash return to your bank account.

And we’re just getting started. Since TravelBank gives you a PDF version of your expense report, anyone can use it in place of their current expense process. Check it out for free on iPhone and Android or find it on the web.