ApideckTapeMonthly recap
← Embedded Finance Index 2026/Vendor

Navan

Provider
Travel

Embedded-finance provider tracked in the Embedded Finance Index — disclosed by 2 companies across 1 category.

navan.com ↗Also analysed as a company — its own stack →
CategoriesTravel
Rank#5 of 9 in Travel
Buyers2 companies
HeadquartersPalo Alto, California, USA
Founded2015
FoundersAriel Cohen, Ilan Twig
Raised$1.644B

Claim this profile. Work at Navan? Verify your work email to unlock the full buyer list.

Founders & story · from Navan’s own dossier

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.

Latest round: IPO (Nasdaq: NAVN), October 2025
Recent developments
  • 2025-10Filed updated IPO documents during US government shutdown, targeting ~$6.45B valuation source ↗
  • 2025-10IPO debut on Nasdaq; closed first day down 20% from $25 IPO price (~$4.7B valuation) source ↗
  • 2025-06Navan reported $329M in revenue for H1 2025, up 30% YoY, while still unprofitable with ~$100M net loss. source ↗
Full dossier: Navan’s own stack, layer by layer →
Who uses Navan
2 companies disclose Navan in their stack
CitizensCitizens Bank
Buyer mix · 2 of 2 classified
Bank / National · 1Banking / Embedded Finance Infrastructure · 1
US · 2
What the disclosures say
Citizens
“Citizens travel and expense (with Navan): co-branded travel and expense platform for Citizens commercial card clients, announced 10 September 2024 (https://investor.citizensbank.com/about-us/newsroom/latest-news/2024/2024-09-10.aspx)”
View source · investor.citizensbank.com ↗
Citizens Bank
“Citizens travel and expense (with Navan): co-branded travel and expense platform for Citizens commercial card clients, announced 10 September 2024 (https://investor.citizensbank.com/about-us/newsroom/latest-news/2024/2024-09-10.aspx)”
View source · investor.citizensbank.com ↗
The complete buyer list and each company’s full embedded-finance stack are in the Embedded Finance Index report. Represent Navan? Claim this profile above to unlock your own full list.
Unlock the buyer map

See where Navan’s disclosed buyers are headquartered. Represent Navan? Claim this profile above instead — it unlocks your own map immediately.

No newsletter, no sharing your address.

What Navan runs on · from its own dossier
The third-party providers Navan itself discloses, layer by layer — the vendor as a buyer. Distinct from the companies above that disclose Navan.
PSP
Stripe ConnectAdyen
Card Issuing
Stripe IssuingAdyen
Lending
Goldman Sachs Bank USASilicon Valley Bank
FX / Payouts
Airwallex
FX API
Airwallex
Full dossier with evidence for each layer →
Alternatives to Navan

Other Travel providers in the index, by the number of companies that disclose them. A count of public disclosures, not a ranking of the products.

Duffel7 buyers →Expedia5 buyers →Hopper5 buyers →Spotnana3 buyers →Agoda1 buyer →Nuitée1 buyer →Points or Cash1 buyer →Priceline1 buyer →
Share this rank

An embeddable badge for Navan’s own site — it always shows this page’s current rank, so it stays accurate as new disclosures land. States its own denominator; never claims a number this page doesn’t.

Ranked #5 of 9 in Travel — Embedded Finance Index 2026
Copy-paste snippet
<a href="https://www.embeddedfinanceindex.com/vendors/navan?ref=badge">
  <img src="https://www.embeddedfinanceindex.com/api/badge/navan.svg"
       alt="Ranked #5 of 9 in Travel — Embedded Finance Index 2026">
</a>
<img src="https://www.embeddedfinanceindex.com/api/badge/navan/install" width="1" height="1" alt="" style="display:none">

Navan — frequently asked

Which companies use Navan?

2 companies are linked to Navan in the Embedded Finance Index 2026, through their own public disclosures or Navan's published customer list, including Citizens and Citizens Bank.

What does Navan do?

Navan is an embedded-finance provider in Travel. It ranks #5 of 9 Travel providers by linked companies.

What are the alternatives to Navan?

The most-named Travel alternatives to Navan are Duffel (7 buyers), Expedia (5 buyers), Hopper (5 buyers), Spotnana (3 buyers), Agoda (1 buyer) and Nuitée (1 buyer).

Who founded Navan?

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

How much funding has Navan raised?

Navan has raised $1.644B in total.

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 buyers it serves.
  • 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.