TravelBank

b2b fintechexpense management

FOUNDING YEAR: 2016
LOCATION: United States
Last Update: 22/08/2020

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About

TravelBank develops a travel and expense system targeting small and medium businesses. The software predicts expenses and gives cash rewards if users can maintain their expense under the budget. It automates expenses for entire company with receipt-to-credit card pairing technology and advanced machine learning to gain productivity.

Focus

PRODUCTS & SERVICES

The platform helps businesses to track their employee expenses and approve it from their mobile device. It also helps them to encourage better spending decisions and reduce their T&E spend by offering rewards to their employees.

REVENUE MODEL

TravelBank will be free to use at first, and though it plans to monetize it doesn’t have definitive plans for now. Eventually, it could charge per-seat or a percentage of savings. They follow the bottom-up distribution process popularized by Dropbox

MAIN CLIENTS

Small and medium businesses

COMMENT

The company's patent-pending technology leverages advanced machine learning to complete the expense reports faster for both trip and local expenses to small entrepreneurs.

People

FOUNDERS

Reid Williams

Duke Chung

BOARD MEMBERS AND ADVISORS

Patrick Kerins

NUMBER OF EMPLOYEES

51-200

INVESTORS:

Accel

Accel Partners

Danhua Capital

DCM Ventures

DHVC

New Enterprise Associates

New Enterprise Associates (NEA)

Propel Venture Partners

Silicon Valley Bank

KEY EMPLOYEES:

Duke Chung (CEO); Reid Williams (CTO)

Ching-Ho Fung

Momentum

FUNDED

YES

TOTAL FUNDING

$35 M

DATE OF LAST FUNDING

Oct 2019

FUNDING SERIES

SERIES A  · $10 M  · Oct 2016

SERIES B  · $25 M  · Aug 2017

LISTED

NO

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