Navan
“Can a corporate-travel SaaS company become the default all-in-one travel + spend operating system for global enterprises by embedding cards, payments, and reimbursements?”
Founded2015
HQPalo Alto, California, USA
FoundersAriel Cohen, Ilan Twig
Latest roundIPO (Nasdaq: NAVN), October 2025
Valuation~$4.7B (post-IPO close, Oct 2025); $9.2B (Series G, 2022)
IndustryVertical SaaS / Travel & Expense
The story
Founded 2015 as TripActions, a corporate travel booking platform. Expanded into embedded finance in 2019 via Stripe Issuing to launch Navan Expense — a corporate card + expense management product. Rebranded to Navan in 2022 to reflect its evolution into an all-in-one travel + spend platform. Went public on Nasdaq in October 2025 using a novel SEC shutdown-period filing path.
Product timeline
2015
Founded as TripActions, corporate travel booking platform· pivot
2019
Partnered with Stripe Issuing to launch Navan Expense (corporate card + expense)· card
2022
Rebranded from TripActions to Navan; launched global rapid reimbursements in ~30 currencies· pivot
2022
Secured $400M credit facilities from Goldman Sachs and SVB to fund corporate card program· lending
2025
IPO on Nasdaq under ticker NAVN (first to use SEC shutdown workaround)· ipo
The stack
4 layers disclosed in Navan’s embedded-finance stack
Payments / PSP
Card issuing
in the full report
Lending
in the full report
Accounting
in the full report
Accounting gap: minor
8 more providers across 3 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.