• Navan is like the Expedia for business travel, plus expense and payment management.
• Navan is like the Amazon for corporate travel and expense management.

• Corporate Travel Management: A comprehensive platform enabling businesses to book, manage, and optimize employee business travel through a single interface.
• Expense Management: An integrated solution that automates expense reporting, reconciliation, and policy enforcement for employee spending.

Navan (symbol: NAVN) sells primarily to other companies (B2B) rather than individuals.

Navan provides an all-in-one platform for corporate travel, corporate cards, and expense management. Due to the nature of its diversified Software-as-a-Service (SaaS) business model, Navan serves thousands of companies globally. It is not typical for Navan, or similar B2B SaaS companies, to publicly disclose specific "major customers" by name and stock symbol unless a single customer constitutes a material portion of their revenue (e.g., >10%), which is not indicated in their public filings or investor communications.

Instead, Navan's customer base is characterized by its breadth across various sectors and company sizes. They serve a wide range of organizations, which can be categorized by their scale and operational needs:

• Small and Medium-sized Businesses (SMBs): Companies looking for efficient, cost-effective solutions to automate and manage their business travel and expenses as they grow, often seeking ease of use and quick implementation.
• Mid-Market Companies: Businesses with established operations that require more robust and scalable solutions for managing travel policies, spending, compliance, and reporting across multiple teams or locations.
• Large Enterprises: Global corporations that need comprehensive, integrated platforms to handle complex travel programs, extensive employee spending, international operations, and advanced policy enforcement and analytics.

These customers span diverse industries such as technology, finance, consulting, healthcare, manufacturing, and non-profit organizations, among others.

• Sabre Corporation (SABR)
• Visa Inc. (V)

Ariel Cohen, CEO & Co-Founder

Ariel Cohen co-founded Navan (formerly TripActions) in 2015. He also co-founded StreamOnce with Ilan Twig, which was subsequently acquired by Jive Software. Before founding Navan, he held a senior leadership role in product management at Hewlett-Packard (HP). As CEO, Cohen oversees Navan's strategic vision, growth, product innovation, and global expansion, having led initiatives like integrating travel booking, corporate cards, and expense management into a single platform.

Amy Butte, Chief Financial Officer

Amy Butte was appointed CFO of Navan in June 2024, joining the company's board of directors in April 2024 as audit committee chair before stepping into her executive role. She is a seasoned financial executive with over 25 years of experience in the financial industry. Notably, Butte served as CFO for the New York Stock Exchange (NYSE) and was instrumental in its public offering in 2006. Her background also includes roles as CFO of MF Global, a strategist at Credit Suisse First Boston, and an equity research analyst at Bear Stearns and Merrill Lynch. She has a pattern of taking companies public in various capacities, including as a banker, analyst, board director, and CFO. Butte also holds board roles at Bain Capital Specialty Finance, DigitalOcean, and Extraordinary Women on Boards.

Ilan Twig, CTO & Co-Founder

Ilan Twig co-founded Navan (formerly TripActions) in 2015. Alongside Ariel Cohen, he co-founded StreamOnce, which was acquired by Jive Software, where he then became EVP Engineering. At Navan, Twig leads the engineering and product development teams, overseeing the architecture of the platform's AI-driven recommendation engine and real-time analytics dashboard. His previous experience includes leadership roles at HP and RockMelt, where he focused on scaling engineering teams across multiple regions.

Nina Herold, COO

Nina Herold manages Navan's global operations, product delivery, and customer support functions, having joined the company in 2018. She previously held positions as EVP & GM of Navan Travel and Chief Product Officer. Effective October 1, 2025, Herold will also serve as CEO of Reed & Mackay, a Navan Company. Prior to Navan, she spent nearly four years at Uber, scaling driver-facing products globally, and held finance roles at UPMC and BNY Mellon.

Rich Liu, CEO, Navan Travel

Rich Liu rejoined Navan's executive team in April 2024 as CEO of Navan Travel. He previously served as Navan's Chief Revenue Officer from 2018 to 2021, during which time he was credited with growing the company 25x. A biomedical engineer by background, Liu has scaled five multi-billion dollar unicorn companies. His career includes senior leadership positions at prominent tech firms such as Facebook (now Meta) and MuleSoft (now Salesforce), and he has spearheaded two class-leading IPOs. Before rejoining Navan, Liu served as the chief business officer at Everlaw.

The key risks to Navan's (NAVN) business are as follows:

1. Lack of Profitability: Navan has not yet achieved profitability, consistently reporting net losses despite revenue growth. The company's financial health, particularly its financial strength and leverage, has been a concern, indicating potential financial distress.
2. Economic Uncertainty and Impact on Business Travel: Navan's revenue and growth are significantly dependent on business travel, which is highly susceptible to overall economic conditions and business confidence. Macroeconomic pressures, such as economic uncertainty, inflation, and changes in corporate travel policies or shifts to remote work, could lead companies to reduce travel budgets and negatively impact demand for Navan's services.
3. Intense Competition: Navan operates in a highly competitive global corporate travel and expense management market. The company faces competition from established providers like SAP Concur and American Express Global Business Travel, as well as newer fintech entrants such as Expensify, Brex, and Ramp, which are expanding their offerings into the travel segment.

The increasing integration and market penetration of corporate card and spend management platforms (such as Brex and Ramp) that are adding comprehensive business travel booking capabilities. These platforms often acquire customers by leading with strong financial products (corporate cards, credit lines, and rewards) and robust expense management, and are now directly competing with Navan's "all-in-one" value proposition by offering integrated travel solutions. This represents a different entry point into the market and potentially a more financially attractive bundling for businesses.

Navan (NAVN) operates in the corporate travel and expense management market, offering an integrated platform that combines travel booking, corporate-issued payment cards, and expense reporting for businesses worldwide.

The addressable markets for Navan's main products and services are substantial:

• Global Business Travel Spending (Total Addressable Market): This market, which includes all travel expenses related to business travel regardless of how it's booked, totaled $2.09 trillion in 2024 and is projected to reach nearly $2.9 trillion by 2029.

• Global Serviceable Addressable Market for Business Travel: This market excludes expenses that cannot be booked through travel providers (like meals and parking) and leisure travel added to business trips. It was estimated at $1.15 trillion for 2024 and is expected to grow to $1.59 trillion in 2029. Approximately 65% of the total business travel spend is currently unmanaged, representing a significant opportunity.

• Global Travel and Expense Management Software Market: The market for travel and expense management software was valued at $4.5 billion in 2023 and is projected to grow to approximately $16.8 billion by 2033.

  • North America Travel and Expense Management Software Market: North America held a 38.5% market share, valued at $1.73 billion in 2023. Other sources indicate North America's share was 37.5% in 2024, with a value of $1.42 billion.

1. Continued Growth in Gross Booking Volume (GBV) and Payment Processing Volume: Navan's revenue model is significantly tied to the volume of travel bookings and payments processed through its platform. The company reported $7.6 billion in gross booking volume and $3.7 billion in payment volumes for fiscal year 2025, and continued expansion in these metrics will directly drive revenue growth.
2. Expansion and Adoption of its Integrated Travel and Expense Management Platform: Navan positions itself as an "all-in-one" platform, integrating travel booking, payment systems, and expense tracking. Ongoing investment in and wider adoption of this unified platform by both existing and new customers is expected to fuel growth in both subscription and usage-based revenues.
3. Customer Acquisition, particularly within the Small-to-Midsize Business (SMB) Segment: Navan's strategy includes capturing underserved small-to-midsize businesses, a market segment that larger competitors often find less profitable. With over 10,000 customers already, expanding its customer base in this segment represents a significant growth opportunity.
4. Geographic Expansion and Increased Global Reach: The company has explicitly stated its plans to broaden its global footprint and expand internationally. This expansion into new markets will open up additional avenues for revenue generation.
5. Enhanced AI-Powered Automation and Product Innovation: Navan emphasizes its AI-driven platform for streamlining the booking experience, optimizing costs, and improving customer support. Continued investment in artificial intelligence and product development to simplify and personalize the user experience is anticipated to attract new clients and increase engagement among existing ones.

Share Issuance

• Navan, formerly TripActions, raised $155 million in a Series E funding round in January 2021.
• The company secured $275 million in a Series F funding round in October 2021, leading to a valuation near $7.25 billion.
• As part of its Series G financing in October 2022, Navan raised $154 million in equity, contributing to a valuation of $9.2 billion.
• Navan completed its Initial Public Offering (IPO) on October 30, 2025, raising approximately $750 million from the sale of 30 million Class A Common Stock.

Inbound Investments

• Navan received $300 million in funding in October 2022, comprising $154 million in investment from new and existing backers and a $150 million structured capital transaction led by Coatue Ventures.
• The company secured a $400 million debt financing round in December 2022.
• Navan also announced a $400 million credit facility through Goldman Sachs in late 2022.

Outbound Investments

• Navan acquired Reed & Mackay in May 2021, adding white-glove travel management and expanding into the European market.
• In February 2022, the company acquired Comtravo, a German corporate travel company.
• Navan expanded its global footprint through the acquisition of Resia, a Swedish travel management company, in March 2022.
• The company acquired Tripeur in April 2023, expanding its presence in India.