TripActions Secures $400 Million in Credit Facilities
Company will use financing for expansion of customer base and growth of corporate card and expense solution >>
by: Harvey Chipkin
TripActions, the travel, corporate card and expense management platform, announced that it secured $400 million in credit facilities, consisting of a warehouse debt facility from Goldman Sachs Bank USA as the senior lender and administrative agent, with a $200 million commitment ($300 million total program limit); and an asset-backed lending facility of $100 million led by Silicon Valley Bank.
The credit facilities will be used to accelerate the expansion of TripActions’ customer base. The warehouse facility will enable the continued growth of TripActions’ corporate card and expense management solution, TripActions Liquid, according to an announcement, as companies look to increase real-time visibility, control and savings. Michael Sindicich, head of TripActions Liquid, said that with the newly available funding, the solution “is well positioned to support its customers while continuing to innovate at a rapid pace.”
In the third quarter of fiscal year 2023, according to the announcement, TripActions Liquid recorded more than a fivefold year-over-year spend volume from leading customers across multiple verticals and segments, including Stripe, Zoom, Canva, Carta, Toast, Lyft, Notion, Databricks and VaynerMedia.
Bob Blee, head of US technology corporate banking at Silicon Valley Bank, said TripActions “is leading the way in transforming business travel and spend management with its innovative model and solutions.” He said the bank is “excited” to continue to work with TripActions and provide the company with customer base financing solutions and advisory expertise to help it succeed and scale.