By Kimberly Chin

 

U.S. Bank parent U.S. Bancorp will acquire expense and travel management platform TravelBank as the bank holding company looks to expand its client base and enable more digital payments.

The acquisition will help U.S. Bank more quickly integrate digital payments within its commercial segment, the company said. Last year, U.S. Bank and TravelBank began partnering to integrate U.S. Bank's virtual corporate credit card seamlessly with TravelBank's platform.

The financial terms of the deal weren't disclosed.

The San Francisco-based fintech company is a platform that employees can use to report their expenses and manage their travel, and allows businesses to track expenses, streamline approvals and reporting, and ensure compliance with corporate policies. The platform syncs with most common accounting systems.

The deal is expected to close in the fourth quarter.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

November 16, 2021 11:52 ET (16:52 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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