U.S. Bancorp is buying TravelBank, a San Francisco-based company that provides a travel and expenses platform used by clients such as DoorDash and Grubhub.
Financial terms of the deal were not disclosed.
Actor Will Smith is among the investors in TravelBank via his Dreamers VC fund, which he co-founded with soccer player Keisuke Honda.
TravelBank offers a mobile-friendly solution that helps businesses control and track expenses, automate processes, streamline approvals and ensure compliance with company policies.
"In partnering with TravelBank over the past year, we've seen how effective the solution is in improving efficiencies for businesses," Shailesh Kotwal, vice chair of payment services at Minneapolis-based U.S. Bank, said in a statement. "This acquisition will allow us to significantly expand our client base and deliver even more value to our customers."
Duke Chung, CEO of TravelBank, said in a statement that the combined offering with U.S. Bank will be "the most comprehensive expense, travel and payment management solution in the industry."
Last year, U.S. Bank integrated its Instant Card, which allows employees and contractors to make authorized purchases, into the TravelBank platform.
