According to reports, TripActions has confidentially filed to go public in the third quarter of next year.
Business Insider reported on Wednesday that the company had filed paperwork with the SEC for an IPO. There was a report in August that the move was going to happen.
We have long considered a potential initial public offering as one option to fund the business, but we don't comment on our specific plans or timing, according to a company spokesman.
In October of last year, the company raised $275 million in a Series F funding round.
Many aspects of corporate trip booking, including flights, hotels, and rental cars, were merged with expense tracking at one point.
The company that is based in Palo Alto was one of the hardest hit by the COVID-19 Pandemic. The global crisis resulted in the company's revenue dropping to $0. The company made headlines in March 2020 for laying off nearly 300 employees due to a downturn in business related to the Pandemic.
It was at that point that TripActions decided to speed up the launch of its expense fintech product, TripActions Liquid. Employees were making spend decisions from outside the office and more merchants were accepting digital payments as a result of the swine flu.
With full force, TripActions has been competing with the likes of Brex, Ramp and Airbase.
The company's most recent financing included strong participation from Elad Gil, Base partners and all key existing financial investors. Group 11 is one of the company's backers.
In April, TripActions gave me some statistics. The company told me that the transaction volume processed via TripActions Liquid more than doubled over the course of one year.
Alex will explain what this means in the context of the public markets world.
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From $0 in revenue to a $7.25B valuation: Why TripActions’ $275M raise has fintech to thank
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