TravelPerk's valuation tops $1 billion partly because its per-trip costs are five times lower than those of traditional travel management companies, according to its chief commercial officer.

"TripActions and TravelPerk are measured like Software-as-a-Service companies, such as Workday, Slack or Zendesk, and not like an Amex or a more traditional travel company," said TravelPerk CCO Jean-Christophe Taunay-Bucalo during a Wednesday phone interview. "The market considers that, in business travel, you’re going to have a few big winners that make a lot of money in the same way this happened . . .

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