ApideckTape
← Embedded Finance Index 2026

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.

Last 12 months
2025-10
2025-10
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
Stripe Connect
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.

Navan — frequently asked

Who is Navan's payment processor?

Navan processes payments through Stripe Connect.

Who issues Navan's cards?

Navan's cards are issued through Stripe Issuing.

Who provides Navan's lending?

Navan's lending and capital products are provided by Goldman Sachs Bank USA (warehouse facility) and Silicon Valley Bank (asset-backed facility).

Which accounting software does Navan integrate with?

Navan integrates with NetSuite, QuickBooks, Sage and Xero.

What is Navan's embedded finance stack?

The Embedded Finance Index 2026 maps 4 layers in Navan's stack: Payments / PSP (Stripe Connect); Card issuing (Stripe Issuing); Lending (Goldman Sachs Bank USA (warehouse facility), Silicon Valley Bank (asset-backed facility) and Navan Expense corporate card receivables financing); Accounting (NetSuite, QuickBooks, Sage and Xero).

Who founded Navan?

Navan was founded by Ariel Cohen and Ilan Twig and is founded in 2015, headquartered in Palo Alto, California, USA.

Benchmark your own stack

Request an embedded finance strategy assessment

Get a read on where your own stack stands against Navan and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.

  • Your category, mappedHow your stack compares to Navan and the other companies in its category.
  • Build vs. buyWhere a provider relationship would close a gap faster than building it.
  • A named analyst, not a form replyA short call to scope what's actually worth assessing for you.

No newsletter, no sharing your address. We use this to reach out about the assessment and nothing else.