TripActions has some new funds to expand its expense management service.
Less than two months after raising more than $300 million in debt and equity funding, TripActions Inc. has lined up a $400 million credit line.
The Palo Alto company secured the financing from Goldman Sachs Bank SA and Silicon Valley Bank.
TripActions has already seen a good deal of success with the service, it said in the news release. TripActions Liquid customers include Zoom Video Communications Inc., Lyft Inc. and Databricks Inc., according to the company. And the amount of spending such customers are doing through the service was up 600% in the third quarter from the same period a year earlier.
As part of the new financing, Goldman Sachs is providing access to $200 million in credit with the option to increase that amount to $300 million if needed. TripActions also has access to a $100 million credit line secured by the company's assets from a group of lenders led by SVB.in October. In that deal, the company raised $154 million in equity funding from Andreessen Horowitz, Premji Invest and other investors. It also secured $150 million in debt.
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