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TripActions, a travel, corporate card, and expense management company based in the US, has raised $304 million in Series G funding, valuing the company at $9.2 billion after the money is in. TripActions, a travel, corporate card, and expense management company based in the US, has raised $304 million in Series G funding, valuing the company at $9.2 billion after the money is in.
Coatue led a $150 million structured capital transaction and new and existing investors contributed $154 million in equity.
The money will be used to help the company grow around the world. It has been working toward this goal by buying Reed & Mackay, Comtravo, and Resia, which are all travel management companies.
Last year, when TripActions launched in Europe, it worked with Stripe and opened offices in Portugal, Germany, France, and the UK. It says that more than 2,500 people work for it in 60 offices around the world.
The company has tools to help save money, such as a dynamic travel policy, real-time reporting with benchmark data, traveler incentive programs, and TripActions Liquid, which has built-in controls for spending. It also has automatic features for reporting expenses, itemizing them, and balancing them.
Dan Rose, chair at Coatue Ventures, says, “All road warriors have felt the pain of booking flights, making last-minute changes, and sending in expenses.” “TripActions is adding new software to make this all work better together.”
TripActions got a $500 million loan from Silicon Valley Bank, Goldman Sachs, and Comerica Bank in February 2020.