WeTravel helps travel businesses digitize their travel booking processes, offering integrated payment solutions and a peer-to-peer (P2P) payment network allowing businesses to control money movement, refunds, disputes and traveler transactions, charging 1% in transaction fees. The startup said it would use the proceeds to fuel its expansion, which it had been working towards with recent acquisitions of travel management companies Reed & Mackay, Comtravo, and Resia.ĭays later, US-based software-as-a-service (SaaS) platform WeTravel closed a US$27 million Series B for its business travel management and payment services. Just a few weeks ago, TripActions, a US-Israeli travel, corporate card and expense management company, secured a massive US$304 million Series G at a post-money valuation of US$9.2 billion. Large deals kept coming in throughout the year. In 2021, more than US$2.8 billion were invested in the segment, data from Dealroom show, and 2022 started even stronger with US$1.6 billion secured in just the first four months of the year.Ĭorporate expense management funding, Source: Dealroom, May 2022 All three reached unicorn status over the past year after securing mega-rounds of US$100 million and over. The past years have seen huge amounts of funding being poured into the field, especially to digital-first corporate card startups such as Ramp, Pleo and Jeeves. The space is poised for disruption, given that expense management processes remain mostly manual, making them clunky, resource-intensive and prone to errors. Three months after, it added physical and virtual Visa payment cards to its spend management solution.Ĭorporate spending is a massive market which Fintech Wave estimates is worth some US$100 trillion. In the United Arab Emirates (UAE), Pemo introduced in May an all-in-one spend management platform featuring digitized invoices, automated approval flows, one-click invoice payments and real-time cash flow monitoring. Rippling expense management platform, Source: Rippling
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