Travel expense solution provider TravelBank has secured $25m for its Series B to help with team and product expansion.
DCM Ventures led the round, with other contributions also coming from Propel Venture Partners, Danhua Capital, NEA, Accel, and Silicon Valley Bank. Following the investment, a member at DCM Ventures will join TravelBank board of directors.
Launched in 2016, the company helps businesses book business flights for employees as well as helping with the expense reporting. Users take pictures of the receipts received during the trip, and the platform machine learning technology processes the information and automatically completes the expense reporting.
Through the platform users also gain access to a reward scheme, with more points earned when booking cheaper flights.
TravelBank CEO and co-founder Duke Chung said, “As we grow, TravelBank continues to innovate for the modern traveller. With this new round of funding we will continue to expand our company and our product offering, helping even more businesses save money on travel costs and rewarding their employees for encouraging a corporate culture of financial responsibility.”
Total funding into the company has reached $35m, with TravelBank picking up $10m for its Series A late last year.
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