TravelBank to be acquired by U.S. Bancorp, a leader in delivering innovative corporate payment solutions
Today, we are excited to share with you that we are ending one chapter—a journey in which we grew with you, our customers and partners—and beginning an exciting new one.
U.S. Bancorp has entered into a definitive agreement to acquire TravelBank. U.S. Bancorp is the parent company of U.S. Bank, an industry leader in delivering innovative payment solutions. With U.S. Bank at the forefront in delivering tailored solutions to provide businesses more confidence, control and convenience in managing payments and expenses, we’re really excited about the value this acquisition will deliver for our customers.
The acquisition comes on the heels of a year-long, fruitful partnership in which we integrated the U.S. Bank Instant Card™ directly into the TravelBank application to provide an all-in-one virtual card, expense and travel management solution. The partnership made it simple for businesses to provision virtual corporate cards, control and track spend in real time, and earn market-leading card spend rebates, while providing employees with safe and convenient contactless payment options, all integrated within TravelBank’s award-winning expense and travel management platform.
TravelBank will join the U.S. Bank family. Together we will continue to deliver our products and innovations to our customers, and collaborate closely with our partners, current and future.
The Road That Led Us Here
Five years ago, TravelBank launched its first product, a mobile-first budgeting app, with the mission to provide companies with a proactive, savings-driven view of T&E spend so they could end the cycle of reactive overspending.
We quickly grew to offer an innovative travel booking platform, directly within our expense and budgeting app, for a more comprehensive user experience. After all, the majority of business expenses up to that point were related to corporate travel. Given the high demand for our travel solution, we expanded our team quickly to provide new features, exclusive corporate deals, and 24/7 expert travel agent support.
Then, in March 2020 an unprecedented global pandemic shut down travel, sent workers home indefinitely, and changed the course of every business and industry. With travel at a halt, we pivoted our business to focus on the spend controls businesses needed most: work from home expense policies, and of course, a way to see where spend was going, identify how to streamline it, and forecast various scenarios.
Our partnership with U.S. Bank allowed us to go a step beyond credit card transaction tracking, and offer our joint customers a way to provision corporate cards, set spend limits, extend purchasing power, and reconcile transactions from directly within our platform. We quickly found that extending our all-in-one travel and expense platform to include card management as well achieved extreme nirvana, for both financial decision makers and end users alike. It delivered the holistic spend controls and expense management that our customers need, now and moving forward.
Thanks to this combination of pivot and partnership, we are grateful to have not only survived, but thrived, throughout the pandemic. Now as we look towards emerging from the pandemic, becoming part of the U.S. Bank family will allow TravelBank to access new resources that make it possible to accelerate our growth, stay focused on delivering a best-in-class product, and continue to build on the all-in-one experience you have come to know and love from us.
Along this journey, the goal never changed, only how we delivered it. TravelBank, and the TravelBank team, will continue to be here for our customers and partners, and we are excited for the opportunity to deliver new innovations for you, and with you, for years to come.
Will anything change for me as a TravelBank customer?
All our customers will continue to enjoy the same TravelBank products and support they’ve grown accustomed to. Through this acquisition, TravelBank will join the U.S. Bank family and we will continue to deliver our products and innovations to our customers, current and future. We are fortunate to have the steady support and resources of U.S. Bank to help accelerate our growth and roadmap, and allow us to deliver fintech innovations to you faster than ever.
Do I have to bank with U.S. Bank to remain a TravelBank customer?
While there are major benefits if you bank with U.S. Bank, like the ability to provision virtual cards from directly within TravelBank, true to our mission of offering our customers maximum flexibility and choice, we will continue to support any and all banks and card programs in our service, and build on the user experience for all of our customers regardless of where they bank or which cards they incur their business expenses on.
Will anything change for me as a TravelBank partner?
One of the most attractive points to us about this deal was our shared cultural alignment to accelerating innovation through an open and collaborative ecosystem. We are committed to not only continuing to support our existing partnerships, but further investing in them, and continuously forming new ones, to provide a world-class financial stack for all of our shared customers.