TripActions, an Israeli travel tech startup, brought in $275 million in a Series F growth funding round led by Greenoaks with strong participation from investor Elad Gil, Base Partners, and all key existing financial investors. The round has turned TripActions into a super unicorn, with a $7.25 billion valuation.
So, what is travel tech? Well fintech is anything related to financial technologies, so travel tech is any new tech developed to make traveling easier on the consumer. The Travel Tech Association says that Travel Tech is the voice of the travel technology industry, advocating for public policy that promotes transparency and competition in the marketplace to encourage innovation and preserve consumer choice.
TripActions helps businesses get the best out of their employees travel expenses and services. The company says that it allows users to build, manage and scale a corporate travel and expense T&E management programs with ease. It promises to let firms get their employees the “best booking experience with unrivaled inventory, powerful personalization and 24/7 global travel agents paired with frictionless expense management so they can focus on being there, not getting there.”
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Nearly two-thirds of businesses, explains TripActions, have or are planning to switch travel management solutions as a result of the global Covid pandemic. Because of this, from Feb 1, 2020 – Jul 31, 2021, TripActions more than doubled its aggregate travel budget under management, while expense budget under management grew 1400% over the same period. Recent enterprise customer wins include Heineken, Crate & Barrel, Primark and Snowflake.
The company also explains that 68% of all end-to-end TripActions customers have switched from legacy T&E systems. In the past six months, TripActions Liquid has recorded more than 500% growth in transaction volume and nearly 400% growth in active users. Legacy options require finance teams to review every expense transaction. Powered by physical and virtual corporate smart cards, just 5–10% of TripActions Liquid transactions require review, reducing reporting hours up to 66% and reconciliation time up to 95%.
In the latest TripActions Liquid Guide, learn how the benefits of sustainable business practices extend far beyond their simple environmental impact. #sustainability
3 Key Steps Towards More Sustainable Spend Management is available to download today. https://t.co/Hh3VngySnJ
— TripActions (@TripActions) October 12, 2021
“TripActions is experiencing massive growth as companies recognize the imperative for consumer-grade tech tools and efficiency that comes from real-time, contextual data,” says TripActions co-founder and CEO Ariel Cohen. “Just as TripActions continues to disrupt the corporate travel market, TripActions Liquid is set to replace traditional spend management solutions. No other company is able to provide a single, unified T&E solution for enterprise companies on a global scale.”