After launching a successful corporate travel management platform in 2015, TripActions looked to expand offerings for its existing customers – mostly large enterprises with travel payments needs – and new users. The company decided to create a modern alternative to manage employee spend across travel and non-travel categories and eliminate the concept of traditional expense reports. TripActions Liquid is a travel payments and spend management solution with real-time visibility; automated expense reconciliation and reporting; and smart physical and virtual cards with built-in controls.
TripActions already uses Stripe Payments for its existing corporate travel management business. To power TripActions Liquid, it chose Stripe Issuing, which allows companies to create, manage, and distribute virtual and physical cards. With Stripe Issuing, TripActions can apply policy rules in real time – as soon as a transaction comes through. As a result, Stripe Issuing’s API helps TripActions eliminate expense reports entirely.
By partnering with Stripe, TripActions was able to move quickly: the company turned its idea into an entirely new product line in just six months.
“That’s the beauty of next-generation fintech infrastructure. You can move a lot faster than you could with traditional players,” said Robin Gandhi, SVP Product and Payments at TripActions. “If we had to do it on our own, it would have taken us considerably more time.”
TripActions also saw exponential MoM adoption rate growth for Liquid as it launched, and it expects growth rates to continue rising as travel rebounds.
Another benefit of using Stripe Issuing is having access to dynamic spending control and being able to have real-time authorisation over every charge, which has saved the company valuable time and resources.
“Employees are no longer filing expense reports, managers aren’t looking at every transaction, and finance doesn't have to figure out the context of every transaction and whether it's in policy,” Gandhi said.
Expanding into Europe
Many of TripActions’ customers have global reach, so it’s important for TripActions to bring its latest product to other regions, starting with Europe. Through Stripe Issuing, TripActions’ customers are able to experience the same functionality and user experience in 20 countries across Europe, including France, Germany, Spain and the UK.
The great part about working with Stripe is that they are committed to being as innovative and forward-thinking as possible, especially within the Issuing space.