TripActions has raised an additional $300 million in funding, which the travel, card and expense management platform said brings its valuation to $9.2 billion.
The financing round, TripActions' third in three years, includes $154 million in equity from current and new investors as well as a $150 million structured capital transaction from investment firm Coatue Ventures. Coatue's chairman Dan Rose is joining TripActions' board of directors as an observer, and Premji Invest managing partner Sandesh Patnam is joining as an advisor.
"We set out to disrupt a legacy industry full of clunky tech that frustrates employees and leads to inefficient travel and spend processes," TripActions CEO Ariel Cohen and CTO Ilan Twig, the company's cofounders, said in a joint blog post on Wednesday. "With this round of funding and our continued growth, we’re doing just that, and what we’ve known to be true internally is becoming accepted as fact: TripActions is the fulcrum; the tipping point; the accelerant that is forcing this industry to modernize."
TripActions is using the funding to "accelerate [its] rapid global expansion," according to the company. As of July, it had more than 2,500 employees across about 60 global offices, including offices opened during the past year in Portugal, Germany, France and the United Kingdom. This year, the company reports travel bookings up nearly five times year over year and spending on its Liquid payment platform up 7.5 times year over year.
TripActions' expansion also has included the acquisitions of Reed & Mackay, Resia and Comtravo. In a separate blog post this week, Reed & Mackay U.S. CEO John Keichline said the TMC has seen "remarkable growth" in its U.S. business following the acquisition, with volume up 245 percent. Reed & Mackay's U.S. employee base has grown by 76 percent since January, and it also has made moves to improve content for U.S. customers such as implementing Southwest Airlines into its booking technology and expanding its meetings and events service to the U.S., he added.
In recent weeks, TripActions reportedly filed confidential paperwork for an initial public offering, in which it planned to go public in the second quarter of 2023 with a valuation of $12 billion. TripActions declined to comment on any IPO plans at the time, and Wednesday's funding announcement made no mention of any plans to go public.