SAN FRANCISCO — TravelBank has launched with a new app that completely automates the expense and budget management process.
The company announced a $10 million Series A round of investment from NEA and Accel.
TravelBank said it is working with 100 companies as a way to take the pain out of expense reporting for their employees while changing the culture of excessive spending.
TravelBank uses an intelligent algorithm that accurately predicts trip budgets based on real-time pricing. This algorithm takes into account airfare, ground transportation, meals and even local parking. Once the budget is in place, employees expense against it – with green, yellow, and red bars to show how their spending over time compares to the predicted budget.
The TravelBank app is free on the iPhone and Android and also available on the web.