U.S. Bancorp to Buy Will Smith-Backed Travel Platform TravelBank for $200 Million
Photo Credit: US Bank has bought TravelBank in a deal worth around $200 million, Skift understands. US Bank
Skift Take
Banks see that integrating travel and expense products is an effective way to enhance their own credit card offering to customers, corporate or otherwise. Expect more deals before the year's out.
Banks are racing ahead to snap up travel and expense platforms, as the rate of payments digitization accelerates.
Now TravelBank, a corporate travel agency that’s backed by actor Will Smith, has been acquired by U.S. Bancorp, parent of U.S. Bank.
U.S. Bank said the acquisition allows it to accelerate the integration of digital payments within the commercial segment. The deal was signed on Nov. 14, 2021 and the transaction is expected to close in the fourth quarter of this year.
Financial details of the transaction were not disclosed, but Skift underst
