U.S. Bancorp, parent company of U.S. Bank, has purchased TravelBank, a San-Francisco-based fintech company providing all-in-one, tech-driven expense and travel management services.
TravelBank offers easy to use service for employees that assists businesses control and track expenses, automate processes, streamline reporting and ensure policy compliance.
U.S. Bank delivers corporate payment services including virtual corporate credit cards and tools to improve working capital.The purchase will help accelerate the integration of digital payments within the commercial segment for U.S. Bank.
“With its track record of delivering innovative payment solutions that improve efficiencies for businesses, we couldn’t be more excited to join the U.S. Bank family,” said Duke Chung, co-founder and CEO of TravelBank. “Our combined offering with U.S. Bank will be the most comprehensive expense, travel and payment management solution in the industry.”
“In partnering with TravelBank over the past year, we’ve seen how effective the solution is in improving efficiencies for businesses,” added Shailesh Kotwal, vice chair of payment services at U.S. Bank. “This acquisition will allow us to significantly expand our client base and deliver even more value to our customers.”