The recent news of TripActions’ latest funding round made airwaves around the world. Business, tech, and travel publications shared the news and asked some questions about what it meant for the travel and fintech industry coming out of a global pandemic and the future of business travel and expense management in a world gone remote. Of course, they also wanted to know how TripActions would use the new funding.
Additionally, TripActions’ co-founder and CEO Ariel Cohen appeared on Bloomberg Quicktake and CNBC’s Squawk Alley to discuss these points.
“This is obviously a great day for TripActions, but it’s also a great day for the travel industry,” Ariel told Bloomberg anchor Tim Stenovac. “It really shows that investors are betting on the future and that they believe that business travel will recover. They’re also betting on the player—us—that they will believe will win the market,”
When asked about the state of travel, Ariel relied on TripActions data to provide a clear look at where the industry stands right now.
“We are starting to see a recovery. The lows were last April and we’ve seen gradual recovery of travel since then, but it’s still very depressed. Right now we see 20% of the usage that we saw before COVID. But the good news is that it is growing every week. Last Thursday was the highest booking day since March 2020. We are very optimistic about the second part of 2021. The vaccines and the testing will be very important,” explained Ariel.
“By speaking with our customers, we started to understand their vision for the future of business travel. First of all, our customers are telling us that at the end of the day you can not close a $1 million deal over Zoom. At least not with the same effectiveness or timeline. So we believe a big part of business travel will recover. We also think you’ll see a different type of behavior,” said Ariel.
“If you look at the workforce today, there’s more remote work and these people will have to meet from time to time to innovate, to white board, and to plan so we’ll believe that you’ll see a lot of offsites. You’re going to see TripActions releasing functionality that allows customers to book trips in groups and optimize the trip in terms of safety, cost, and sustainability. We’re turning the company towards the future and this is why we’re gaining market share during the pandemic.”
Also, TripActions’ CFO Thomas Tuchscherer appeared on Cheddar to discuss the details of how the funding would be used for the company:
“TripActions was very well capitalized already. The main purpose of the financing was to continue to invest in TripActions Liquid, our continued global expansion, and gain market share with large enterprise customers….Companies are looking for platforms that are modern and give them a better sense of real-time information of where it’s safe to travel. They want to know that they can contact a travel agent 24/7/365 and get an answer within seconds. TripActions is that kind of platform and, on top of that, it’s extremely easy to use. We’ve gained a lot of market share and customers throughout the pandemic.”
Watch the full segments below:
TripActions CEO and co-founder Ariel Cohen joined Tim Stenovac on Bloomberg Quicktake to talk about the latest round of funding, TripActions Liquid, and the future of work in a post-COVID world.
Ariel also appeared on CNBC's "Squawk Alley" with John Fortt to discuss the new funding round and corporate travel in 2021.
TripActions CFO Thomas Tuchscherer joined Cheddar senior anchor Kristen Scholer to discuss the financial strategy behind TripActions’ latest round and how it will be used to build TripActions Liquid.
Read more about TripActions’ $155M Series E funding and what it means for the future of business travel and expense management.