U.S. Bank buying fintech focused on expense reporting

U.S. Bancorp in Minneapolis has agreed to buy TravelBank, a San Francisco fintech that focuses on expense reporting. 

TravelBank also helps employees and businesses automate processes, streamline approvals and reporting, and ensure compliance with company policies. 

The deal is expected to close in the fourth quarter. The $567 billion-asset U.S. Bancorp did not disclose the price it will pay.

"We are focused on giving businesses more confidence, control and convenience in managing payments and expenses,” Shailesh Kotwal, vice chair of payment services at U.S. Bank, said in the release. 

“TravelBank will help us accelerate these efforts,” Kotwal added. “In partnering with TravelBank over the past year, we’ve seen how effective the solution is in improving efficiencies for businesses. This acquisition will allow us to significantly expand our client base and deliver even more value to our customers.”

U.S. Bancorp and TravelBank partnered last year to integrate the U.S. Bank Instant Card, a card linked to the user’s mobile phone, into the TravelBank solution.