“Can a corporate travel booking platform become the definitive T&E financial OS for global enterprises by owning both travel and payments/expense in one integrated stack?”
Founded in 2015 as a corporate travel booking platform (effectively an online travel agency for enterprises), TripActions expanded its moat in 2020 by launching TripActions Liquid — combining Stripe-issued corporate cards with an expense management layer funded by a $500M debt facility. This moved the company from a travel SaaS into a full T&E (travel and expense) super-app, directly competing with Amex GBT, SAP Concur, and expense-only players like Expensify. After rebranding to Navan in 2024, the company went public in October 2025, positioning its embedded finance stack (cards, global payments via Airwallex, ERP integrations) as a key revenue and retention driver alongside its travel marketplace.
Tripactions processes payments through Stripe Issuing (card issuance for Liquid product).
Tripactions's cards are issued through Stripe Issuing.
Tripactions uses Airwallex for FX and cross-border payouts.
Tripactions integrates with NetSuite, Sage Intacct, QuickBooks Online, Microsoft Dynamics, SAP and Xero.
The Embedded Finance Index 2026 maps 6 layers in Tripactions's stack: Payments / PSP (Stripe Issuing (card issuance for Liquid product)); Card issuing (Stripe Issuing); Lending (Asset-backed credit facility for corporate card funding); Unified APIs (Airwallex); FX & payouts (Airwallex); Accounting (NetSuite, Sage Intacct, QuickBooks Online, Microsoft Dynamics and 2 others).
Tripactions was founded by Ariel Cohen and is founded in 2015, headquartered in Palo Alto, California, USA.
Tripactions has raised $1.644B in total (latest round: IPO, October 2025; valuation: $4.68B market cap (post-IPO, 2025)).
Get a read on where your own stack stands against Tripactions 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.