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Corporate travel startup TripActions raises $275 mln, valued at $7.25 bln

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Oct 13 (Reuters) – U.S. company travel and expense tech startup TripActions on Wednesday mentioned it raised $275 million at a valuation of $7.25 billion, its second main fund elevating occasion introduced this yr.

TripActions made a powerful comeback from a pointy downturn in enterprise as a result of coronavirus pandemic final yr that compelled it to put off 1 / 4 of its employees. It has raised $780 million over the course of the pandemic, in line with the corporate.

The newest spherical was led by San Francisco-based enterprise capital agency Greenoaks.

TripActions mentioned that it greater than doubled its travel finances underneath administration – the quantity of travel corporations guide by TripActions – between February final yr to the tip of July this yr.

TripActions competes with American Express Global Business Travel and Concur Travel. Last yr the corporate launched a bank card referred to as TripActions Liquid and constructed an bills platform that makes it doable for workers to by no means file an expense report once more.

Reporting by Jane Lanhee Lee; Editing by Lisa Shumaker

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