U.S. Bank recently announced its intent to acquire San Francisco based TravelBank, which is an expense reporting and travel management software company. TravelBank’s software is seeking to replace inefficient employee expense reporting and travel systems. The company’s software is used by a variety of industries and works with other large customers such as American Express and DoorDash.
This deal fits nicely into the trend of large banks looking to acquisitions of fintech startups in order to diversify their suite of products. Capital One recently made a $170 million investment in a hotel and travel pricing software company called Hopper.
This is US Bank's second fintech acquisition in recent months as they also acquired a company called Bento Technologies in August of this year. The specific terms of the TravelBank deal were not disclosed but is estimated to be worth roughly $200 million.
Quazar was not involved in this transaction.
Read the full article here: https://www.bizjournals.com/twincities/news/2021/11/16/u-s-bancorp-buys-travelbank.html
