US Bank has agreed to buy expense and travel management platform TravelBank. Financial terms of the deal were not disclosed.
TravelBank's platform is designed to help businesses control and track expenses, automate processes, streamline approvals and reporting, and ensure compliance with company policies.
Last year, US Bank integrated its Instant Card corporate payments offering with TravelBank's service. Now, the lender is buying its partner as it looks to accelerate the integration of digital payments within the commercial segment.
Shailesh Kotwal, vice chair, payment services, US Bank, says: “In partnering with TravelBank over the past year, we’ve seen how effective the solution is in improving efficiencies for businesses. This acquisition will allow us to significantly expand our client base and deliver even more value to our customers.”