TripActions has secured $400 million in credit facilities, which it said it will use to accelerate customer growth, particularly with its payment and expense management platform Liquid, the company announced Thursday.
The credit facilities include a warehouse debt facility from Goldman Sachs Bank, with a $200 million commitment and the capability to expand that to $300 million. Additionally, it includes a $100 million asset-backed lending facility, led by Silicon Valley Bank.
The facilities make Liquid “well-positioned to support its customers while continuing to innovate at a rapid pace,” TripActions EVP and head of TripActions Liquid Michael Sindicich said in a statement. The company claims spend volume in Liquid during the third quarter was up more than five times year over year.
In October, TripActions announced that it had raised an additional $300 million in funding and had increased its valuation to $9.2 billion. Earlier this year, it reportedly filed confidential paperwork for an initial public offering. TechCrunch on Thursday reported that a spokesperson confirmed that the company still is working to go public “when the conditions are right and the markets open up again” but that no timeline has been determined.
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