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San Francisco based expense management platform TravelBank has raised $10m in Series A funding led by NEA. TravelBank can predict what employees should be spending on trips, help them file their expenses, and even give them cash rewards if they come in under budget.
TravelBank is targeting small to medium businesses that are too tiny for its SAP-owned competitor Concur, which is designed for Fortune 5000s. TravelBank will be free to use at first, and though it plans to monetize it doesn’t have definitive plans for how. Eventually, it could charge per-seat or a percentage of savings. “Expense management has been a very sleepy space. Maybe because it’s boring it doesn’t attract a lot of talent or innovation. It’s not perceived as a sexy category so there’s only a few competitors. I view that as an opportunity” CEO Duke Chung tells TechCrunch. TravelBank will be spending much of the $10 million it raised a few months ago on marketing and sales for its newly launched apps. But it benefits from the bottom-up distribution process popularized by Dropbox, and the fact that it’s starting free.
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