The new credit facilities come less than two months after the business travel startup raised a $304 million Series G at a $9.2 billion valuation. That round was comprised of $154 million in equity from new and existing financial investors and a $150 million structured capital transaction led by Coatue.
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The new credit facilities consist of a $200 million warehouse debt facility from Goldman — with a $300 million total limit — and an asset-backed lending facility of $100 million led by Silicon Valley Bank.
Warehouse financings are popular with fintech companies — like TripActions with its credit card offering — as they can be secured by assets and loans those companies generate. TripActions will use the new credit to help grow its TripActions Liquid product, a corporate card and expense management platform.
“TripActions Liquid is the expense solution for companies that need to balance savings with proactive control in a complex macroeconomic environment,” Michael Sindicich, executive vice president and head of TripActions Liquid said in a statement. “With this new warehouse facility from Goldman Sachs, TripActions Liquid is well positioned to support its customers while continuing to innovate at a rapid pace.”
The new credit lines continue what has been a busy second half of the year for TripActions.
In September, Business Insider reported the company had filed confidentially to go public sometime in 2023 and is aiming for a $12 billion valuation in Q2 of next year. The report also said Goldman Sachs has been hired to handle the listing.
The company then raised its Series G at a near decacorn status.
However, times have not always been good for the startup. TripActions looked like it would become one of the first casualties of COVID-19 when the pandemic took hold in March 2020. With all travel stopped, the company saw its revenue drop to $0. CEO and co-founder Ariel Cohen openly talked about the problems, including laying off 300 people.
However, in June 2020, the company was able to secure $125 million in debt and doubled down on its newly launched expense reporting platform—a platform that became popular as many were working from home and had new expenses.
Illustration: Dom Guzman
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