Tripactions
“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.