Payments

TripActions moves into payments

  • TripActions has launched a new product that issues cards tied to corporate travel spend policy.
  • Payments, lending, and banking services are rolling out to the travel industry.
close

Email a Friend

TripActions moves into payments

TripActions is getting deeper into payments. With the launch of TripActions Liquid, the corporate travel management platform is introducing a payment solution that frees up employees from having to personally pay for corporate travel expenses.

The new product: TripActions Liquid essentially issues physical Visa cards and virtual trip-enabled cards which embed spending policy into the card.

  • Travel spend gets decided at a corporate level and pushed down to employee cards which light up when they travel.
  • Employees get real time notifications of out-of-policy spend and finance gets a better view into travel spend.
  • TripActions also offers a 1.5 percent rebate on all spend through TripActions Liquid.
  • A team of about 20 engineers developed the TripActions Liquid product, which has been used in beta by several TripActions clients over the last few months, including Lyft, Toast, and Zoom.
  • TripActions Liquid corporate cards are currently only available to US-headquartered companies.

Slow adoption of virtual cards: Virtual cards aren’t new to corporate travel and they’ve had moderate take-up.

  • A virtual credit card is a unique 16-digit computer generated number used for a single transaction.
  • On a given trip, that number will change numerous times ahead of the next transaction.
  • A company’s finance department can set a maximum charge amount for the virtual number and the date on which it expires.
  • For vendors, the virtual card looks the same as any other credit card.
  • TripActions Liquid gets turned on and off based on an employee’s travel schedule.
  • Integrating payments with software that manages travel spending and reconciliation could speed up adoption.

“Implementing TripActions Liquid took minutes and we’ve seen immediate improvements to our travel payments process,” said David Wieseneck, vp of finance at letgo. “With TripActions Liquid, we’re getting top reviews from travelers who appreciate the experience, as well as our finance team who love that reconciliation of travel payments now takes less than ten minutes.”

TripActions’ first product, the corporate travel management platform, has driven 5X year over year growth at the startup.

  • To date, TripActions has raised more than $480 million at a $4 billion valuation.
  • To support TripActions Liquid, TripActions has raised a debt facility of up to $500 million from Silicon Valley Bank, Goldman Sachs and Comerica Bank. 

Context: With embedded finance, various industries and companies are embracing banking and payment tools. The travel industry, like retail and transportation, is building more fintech solutions to better serve its ecosystems.

  • In travel, we’ve seen firms like Uplift provide installment loans to Lufthansa, United, and Carnival travel customers.
  • More effort and interest is being applied to making cross-border and cross-currency travel and hospitality transactions more personalized.
  • Banking as a service firms bring tools and technologies for companies in all industries to offer payments and banking products.

0 comments on “TripActions moves into payments”

Member Exclusive, Payments

What Marqeta’s entry into the credit card industry means for Marqeta the brand

  • Marqeta announced a new partnership with the First National Bank of Omaha to expand its partner ecosystem as it prepares for a credit launch.
  • Marqeta wants to become a one-stop shop for brands looking to launch card services.
Subboh Jaffery | December 07, 2021
Payments

Wise and Payfare team up to bring cross-border money transfers to gig workers in 2022

  • Payfare is working with Wise to offer international money transfer solutions to North American gig workers.
  • Wise will be embedded into Payfare’s digital banking platform, enabling gig workers to send international payments to over 80 countries.
Ismail Umar | December 03, 2021
Payments

Visa’s ‘Tap to Give’ campaign could tap into a new standard for donating to charity

  • ‘Tis the season and Visa wants to introduce contactless into the holiday spirit of giving.
  • With people more reliant on contactless, card, phone and watch tapping could become the new way for donations.
Rivka Abramson | November 24, 2021
Payments

The roadmap ahead for Square Banking with Luke Voiles

  • Luke Voiles heads Square's new banking group.
  • He shares his vision for the future of banking and the role Square will play in the global SMB ecosystem.
Zachary Miller | November 18, 2021
Payments

Novi wants to take on payments as Facebook’s fintech unit

  • Novi will encompass the whole financial services division as Facebook becomes Meta
  • The company eyes being a competitor in the payments industry as it develops its products
Iulia Ciutina | November 08, 2021
More Articles