TravelBank will become part of the U.S. Bancorp portfolio of businesses following an acquisition announced this week.
Details of the deal have not been disclosed.
U.S.-based TravelBank, a member of the PhocusWire Hot 25 Travel Startups for 2020 collection, is a travel and expenses management platform.
It was founded in 2015 by Duke Chung.
The company most recent funding round came via Dreamer’s VC, the venture capital fund set up by Japanese soccer player Keisuke Honda and American actor Will Smith.
Chung says: "We created TravelBank to provide a single experience for expense reporting and travel management. Our combined offering with U.S. Bank will be the most comprehensive expense, travel and payment management solution in the industry."
The company in 2020 forged a partnership with U.S. Bancorp, the umbrella organization that has includes U.S. Bank, to include the InstantCard service into its suite of tools.
Speaking to PhocusWire last November last year, Chung said: "If 2020 has taught us anything, it’s that you simply cannot prepare for the unknown. So in 2021 we at TravelBank are looking forward to prioritizing our partnership with U.S. Bank and doubling down on virtual and corporate card management."
The acquisition to close by the end of 2021.
* Check this interview with Chung, recorded for the How I Got Here podcast in January 2020.
How I Got Here, episode 18 - Duke Chung of TravelBank