Press

Corporate spend on business trips is headed towards $1.6 trillion by 2020, according to the latest figures from the Global Business Travel Association (GBTA). The figure represents a 5.6 percent increase in travel spend among corporations each year between 2015 and the end of the decade.

It’s been a while since we’ve seen a T&E startup land venture capital, but TravelBank broke the drought with $25 million in Series B funding announced this week. Based in the U.S., the company provides travel, expense management and rewards for corporates, the latter being a unique offering rewarding businesses for booking cheaper travel.

Enterprise IT startup TravelBank announced the completion of $25 million in Series B financing. Six investors contributed to the round: DCM Ventures, Propel Venture Partners, Danhua Capital, New Enterprise Associates, Accel Partners, and Silicon Valley Bank.

A startup with an app that helps users earn rewards while keeping tabs on their travel expenses is among the few deals disclosed before people disappear for Labor Day weekend.

TravelBank, a San Francisco-based vendor of a travel expense and rewards app for business, raised $25 million in a Series B funding. DCM Ventures led the round, and was joined by investors including Propel Venture Partners, DanHua Capital, New Enterprise Associates, Accel Partners, and Silicon Valley Bank. The startup has raised $35 million to date.

In a crowded crop of business travel tech providers eyeing the small business sector, TravelBank got a significant boost in capital this week, with $25 million in additional funding to add staff and further develop its T&E product.

TravelBank, a San Francisco-based provider of a travel expense and rewards app for business, raised $25 million in Series B funding. DCM Ventures led the round, and was joined by investors including Propel Venture Partners, DanHua Capital, New Enterprise Associates, Accel Partners and Silicon Valley Bank.

TravelBank, which develops an app to monitor travel expenses and rewards, has raised just over $25 million in Series B funding to expand their team and continue product development. The announcement comes as TravelBank makes its Auto Rewards program available to the general public on iOS.

Small and medium enterprises (SMEs) do not have the spending power to negotiate with travel suppliers like large companies do. TravelBank’s founders realised this when a former venture was acquired by Microsoft and they were introduced to the world of business travel.

TravelBank, an app that combines booking, expenses and rewards, is trying to reconcile this misalignment in vision. By enabling companies to create predictive budgets and incentivizing employees to find cheaper alternatives, TravelBank is a refreshing alternative to incumbents like Expensify and Concur (SAP).

If you travel a lot for work, you know there are two kinds of employees. There are those who spend less than the budget allows and those who push it to the very limit. Most people don’t feel incentivized to save money for their employer, so that’s why a handful of startups are attempting to solve this problem by rewarding travelers for cost-savings.

San Francisco-based TravelBank, provider of a travel expense and rewards app for business, announced it has raised $25 million in a Series B round of funding. DCM Ventures led the round of funding with participation from Propel Venture Partners, DanHua Capital, New Enterprise Associates, Accel Partners and Silicon Valley Bank.

TravelBank, a San Francisco, CA-based travel, expense and rewards app for business, raised over $25m in Series B funding. The round, which brings total funding to just over $35M, was led by DCM Ventures with participation from Propel Venture Partners, DHVC (Danhua Capital), New Enterprise Associetes, Accel, and Silicon Valley Bank. In conjunction with the funding, DCM, led by co-founder and general partner David Chao, will receive one seat on the TravelBank board.

Companies worldwide spent a whopping $1.3 trillion on business travel last year, according to the Global Business Travel Association (GBTA), and the organization predicts travel spent on flights, hotels, car rentals, meals and other business-related travel essentials will only continue to increase—reaching $1.6 trillion by 2020.

Between managing your budgets, making sure you’re adhering to your company’s travel policies and filing expense reports, its often hard to find time to enjoy a business trip. Looking to transform this headache into an incentive—particularly for the growing millennial workforce—startup TravelBank promises to give employees more travel choices while simultaneously helping businesses spend less money.

Where TravelBank differs from some of its competition like Concur is that it incentivizes employees to come in under budget by having their company split the savings with them. For instance, if the budget for a week trip to New York was $3,000, but an employee saved $600 by taking the subway rather than taxis and staying in a slightly lower-rated hotel, then the employee will receive half the savings back–in this case, $300.

TravelBank, the modern budgeting and expense app for business, recently launched Flights, enabling businesses using TravelBank to search for and book flights—all through the TravelBank app. Flights is launching with: Air Canada, China Southern Airlines, Copa Airlines, Icelandair, JetBlue, United Airlines, Southwest, Virgin Atlantic, Saudia Airlines, Singapore Airlines, and other major U.S. airline carriers.

New travel expenses app TravelBank helps workers book trips and file claims more efficiently, and allows employers to offer incentives for coming in under budget. TravelBank chief executive Duke Chung says: "Many companies are still using clunky expense reporting methods that don't hold employees to a budget or allow them to forecast spend accurately.

Two of the happiest words an employee can hear is when their boss says, "Expense account." Whether that means traveling for business, attending a conference or networking over food and drinks, many employees hear those words as a license to spend.

According to a 2014 study by Google, 74 percent of leisure travelers relied on the internet for travel planning. That’s not surprising; it’s generally understood that most consumers make travel plans online. But that same study found that 77 percent of business travelers also started their journey online.

A new expense account app will pay your people for underspending. It’s from TravelBank, and it claims it can predict what an employee should be spending on a business trip, help with the accounting and then give cash rewards if they come under budget.

Companies spent more than $1.2 trillion on business travel and entertainment last year. TravelBank is a startup aiming to eliminate wasteful travel expenses by incentivizing employees to spend less.

Employees waste tons of money through expense accounts because there’s no incentive to book flights early, stay at a modest hotel, or dine on the cheap.

Figuring out how much a business trip will cost can be a hassle. Employees are often put in the position of figuring out how to get somewhere, and once they get there, they don't have an incentive to keep their spending to a minimum.

Figuring out how much a business trip will cost can be a hassle. Employees are often put in the position of figuring out how to get somewhere, and once they get there, they don't have an incentive to keep their spending to a minimum.

A few months ago, Accel and NEA led a $10 million Series A funding round for TravelBank, a startup that offers a mobile app for businesses to encourage employees to spend wisely for corporate travel.

Imagine if your company actually paid you to stay under budget when booking business travel. That's the idea behind TravelBank, an app for iOS and Android (and on the web) that predicts costs based on real-time pricing.

San Francisco-based TravelBank, which provides an app to help manage expense reporting and budgeting, launched today. The company also disclosed it had raised $10 million in Series A funding from New Enterprise Associates, Accel Partners and angel investors.

San Francisco-based travel expense reporting startup TravelBank raised a $10 million Series A round, its first funding round, from new investors Accel Partners and New Enterprise Associates.

TravelBank has launched with a new app that completely automates the expense and budget management process. The company announced a $10 million Series A round of investment from NEA and Accel.

If you’re going to San Francisco, be sure to wear flowers in your hair. If you’re going to the Bay Area on business, be sure to track your expenses with an app. We recommend TravelBank, an expense and budget tracking app (for iOS and Android) that makes filing expenses a whole lot less painful.