TripActions, a Palo Alto, CA-based business travel platform, raised a debt facility of up to $500m.
The financing was led by Silicon Valley Bank with participation from Goldman Sachs and Comerica Bank.
The company intends to use the proceeds from the financing to launch its second product, TripActions LiquidTM, which is an end-to-end global corporate travel management and payments platform.
TripActions Liquid leverages partners like AppZen, an AI solution for finance teams, to power real-time, AI-driven spend approvals within policy, and Visa, to allow users to use corporate cards accepted everywhere. It also integrates with the TripActions corporate travel platform to auto-enable the traveller’s card for related purchases. The new solution also offers a competitive rebate on all spend processed through TripActions Liquid.
Led by Ariel Cohen, Co-founder & CEO, TripActions provides travel management solutions today used by nearly 4,000 companies to manage nearly $2.5 billion in related travel budget annually.