LONDON — TripActions announced a number of new business wins, product enhancements, and team expansions to further establish TripActions as the leading TMC in Europe. The company has shown significant growth and momentum despite the global challenges from the pandemic, including two major funding rounds in 2021 and its recent $7.25B valuation.
TripActions has seen 44% growth in Europe-based enterprise customers as companies recognise the imperative for consumer-grade technology and the efficiency that comes from real-time, contextual data to support return to travel. From February 1, 2020 to July 31, 2021, TripActions has seen more than 200% growth in its Europe-based travel budget under management. As pent-up demand for business travel resumes, EU-origin travel bookings on TripActions have also recorded 380% growth since the first week of August.
“We’ve seen such an overwhelming response in Europe to TripActions’ modern travel and expense solutions as companies look for tech-forward tools to help bolster their return to travel,” says TripActions SVP of Sales in EMEA, Chris Vik. “Over the course of the pandemic, we have continued to grow and invest in the region, acquiring Reed & Mackay, opening several offices and hubs across the region, and winning key accounts across segments. Our recent funding round will enable us to accelerate that growth.”
High-profile enterprise wins, including Heineken, Primark and Springer Nature, demonstrate TripActions’ increasing footprint within the market. The company has also found success in the mid-market segment, adding businesses such as Graphcore and Gorillas Technology to its growing roster of more than 5,000 global customers.
Throughout the pandemic, TripActions has kept a steady pace of innovation; since March 2020, TripActions has introduced more than 85 new products to the market, including:
- Sustainable Aviation Fuel: Global partnership to offer Neste MY Sustainable Aviation Fuel to all TripActions and Reed & Mackay customers, the first time a corporate travel and spend management company is able to provide customers with the option to purchase sustainable aviation fuel (SAF) at scale to help reduce the environmental impact of business travel.
- Team Travel: An innovative self-serve solution to bring together distributed team members to support increased collaboration and stronger company culture that keeps safety top-of-mind while providing finance leaders with the spend visibility they need.
- Meetings & Events: A new offering providing TripActions customers with access to Reed & Mackay’s award-winning Meetings and Events (M&E) services. The new solution blends a state-of-the-art booking platform with experienced agents and balances self-serve capabilities at scale with boutique support for high-touch events.
- In addition to market gains and substantial investments in product enhancements, TripActions has this year established new sales hubs in Dublin and Frankfurt, as well as tech hubs in Tel Aviv and Lisbon, the latter of which will open in December 2021. These geographic expansions look to capitalise on highly skilled local workforces and increased language capabilities. TripActions is now available in eight languages, with Portuguese and Polish scheduled by the close of the year, and will have an additional headcount of 150 in Europe by the end of the fiscal year, further expanding its global reach.
In another move to solidify its presence in Europe, the company this year invested in a data storage centre in Frankfurt, Germany, ensuring European businesses have the option to have their data stored at rest in Germany.
“As the world embraces in-person interaction once again, enterprise and mid-market companies are increasingly looking for modern travel and payment solutions to help foster their return to travel,” says Simone Buckley, TripActions VP of Marketing, EMEA.
“With the unified consumer grade app and real time data, along with our rate of innovation TripActions continues to disrupt the corporate travel market, to increasingly become the partner of choice.”