Navan

Navan (formerly known as TripActions) offers a business and personal travel platform and pivoted to the expense management business by launching “TripActions Liquid” (Liquid) in early 2020. The company continues to offer a range of expense management solutions beyond just travel expense claims, including business expense cards and an employee reimbursement platform. 

The expense cards include physical and virtual cards with spend controls, policies and compliance, reconciliation, and custom dashboards for insights. Moreover, the cards reportedly bear zero foreign transaction fees (as of April 2022).

The company claims that the Liquid platform reduces expense reporting hours by upto 66% and reconciliation time by 95%. 

Key customers and partnerships

Navan had around 8,800 enterprise customers as of April 2022, at which point Liquid was used by over 600 companies, including Zoom, Lyft, Pinterest, and Patreon. 

Navan partnered with Visa and Mastercard in June 2023, to launch “Navan Connect”, a patented card-link solution that allows businesses to connect corporate cards from third parties, for expense management and reconciliations. The company planned to expand its network tie-ups in the future.    

Funding and financials

The volume of transactions processed through Navan reportedly increased by 7.5x since the period between June and September 2022.

In October 2022, Navan raised USD 304 million in funding , comprising a USD 154 million Series G round and a USD 150 million structured financial deal, to invest in expanding its global operations. The round valued the company at USD 9.2 billion, against its USD 7.25 billion valuation in October 2021. Moreover, the funding came just weeks after Navan reportedly filed confidentially to go public in Q2 2023 at a USD 12 billion valuation.