Travel expense management platform TripActions has raised a US$300 million Series G at a US$9.2 billion post-money valuation. The raise is a combination of US$154 million in equity and a US$150 million structured capital transaction led by Coatue.
The announcement comes as the platform recorded a surge of more than 7.5-times in spend volume, and gross bookings increased by more than five times year-on-year in its latest fiscal quarter.
The funding will be used to accelerate the company’s expansion, which in the past year included the launch of its card-led automated expense management platform TripActions Liquid in Europe.
Founded in 2015, this is TripActions’ third financing round for the company in three years. Its last round was in October 2021 when it raised US$275 million at a US$7 billion pre-money valuation.
The company’s platform includes features such as dynamic travel policy, real-time reporting with benchmark data, traveler incentive programmes, and built-in spend controls.
The latest funding round also sees the addition of Premji Invest Managing Partner Sandesh Patnam to TripActions’ Board of Directors and Coatue Ventures Chairman Dan Rose as Board Observer.
“From the start, TripActions revolutionised business travel by automating, personalizing, and professionalizing the experience. Despite a pandemic that brought business travel to a standstill, the company doubled down on innovation and now those bets are paying off in a big way,”
said Ben Horowitz, Co-Founder and General Partner at Andreessen Horowitz.
“At a time when companies are more focused than ever on controlling expenses, TripActions saves enterprise companies money by aligning employees’ incentives with the business,”
said Dan Rose, Chairman at Coatue Ventures.
This article first appeared on Fintech News Switzerland.