SAN FRANCISCO — TravelBank, which develops an app to monitor travel expenses and rewards, has raised just over $25 million in Series B funding to expand their team and continue product development. The announcement comes as TravelBank makes its Auto Rewards program available to the general public on iOS.
The new round brings TravelBank’s total funding to just over $35 Million led by DCM Ventures with participation from Propel Venture Partners, DHVC (Danhua Capital), NEA, Accel, and Silicon Valley Bank. DCM, led by co-founder and general partner David Chao, will receive one seat on the TravelBank board.
“Companies spent close to $1.3 trillion globally on business travel in 2016 according to the Global Business Travel Association,” said David Chao of DCM Ventures. “There is a huge opportunity in this industry and TravelBank is taking the lead, not only modernizing the booking and expense process, but also offering companies a way to save money on their travel and entertainment spend overall.”
Users on TravelBank can book flights on more than 200 airlines, including all major U.S. and international carriers. With Auto Rewards, users will see flights marked with a rewards points value when they book. Unlike most services that give travelers more reward points when they book more expensive options, TravelBank gives travelers more points when they choose less expensive options, which saves money for companies. Showing the points value for each flight when users book allows them to factor points into their decision and encourages cheaper flight choices. Users can book first, earn rewards when they save, and then expense their purchases later.
“As we grow, TravelBank continues to innovate for the modern traveler,” said Duke Chung, CEO and co-founder of TravelBank. “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.”
TravelBank was founded in October 2016 and has 30 employees.