The company announced the acquisition in a news release Tuesday (Nov. 16), saying the deal is expected to close in the fourth quarter of the year. Financial terms were not released.
Based in San Francisco, TravelBank helps businesses track expenses, automate processes, ensure compliance and streamline reporting and approval.
“We are focused on giving businesses more confidence, control and convenience in managing payments and expenses. TravelBank will help us accelerate these efforts,” said Shailesh Kotwal, vice chair of payment services at U.S. Bank.
“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,” he said.