Sacra estimates that Navan generated $613M in revenue for the twelve months ended July 31, 2025, up 32% year-over-year, on $7.6B in gross booking volume (+34% YoY).

Revenue comes from travel booking fees and commissions, software subscriptions (Expense is free for five users then $15 per user/month), and card interchange from the Navan Card and BYO-card via Navan Connect.

Within that, revenue mix was ~90% usage-based (per-booking and supplier/partner transaction fees) and ~10% subscription (expense), with a usage yield of ~7% in both FY2025 and FY2024.

Navan disclosed $3.7B of payment volume in fiscal 2025 (and $2.0B in the six months ended July 31, 2025) through its corporate payments offering.

Navan serves 10,000+ customers, platform bookings rose ~15% year-over-year in Q2 2025, and 2024 booking volumes averaged 118% of 2019 levels for long-tenured customers.

Navan filed a Form S-1 to go public on Nasdaq under the ticker “NAVN” in September 2025, with pricing and valuation yet to be set.

Navan raised $304 million in its Series G round in October 2022, achieving a $9.2 billion post-money valuation. The round included $154 million in equity financing and $150 million in structured capital.

The company raised approximately $2.2 billion in total funding since its founding in 2015. Key investors include Andreessen Horowitz, Lightspeed Venture Partners, Greenoaks, Coatue, Zeev Ventures, and Addition.

Earlier funding milestones included seed and Series A rounds backed by investors like Elad Gil, followed by larger growth rounds that established Navan as one of the most well-funded companies in the corporate travel space.

Navan is an integrated travel booking and expense management platform that consolidates three traditionally separate corporate functions into a single application. Employees log in with their company email to access a consumer-style interface for booking flights, hotels, rental cars, and rail travel.

The platform embeds company travel policies directly into search results, automatically graying out non-compliant options or highlighting policy-approved choices. When employees book qualifying travel within policy guidelines, they earn Navan Rewards that can be applied to personal travel, with the company funding up to $100 per eligible hotel stay.

The expense management layer automatically captures and categorizes every transaction from Navan cards or linked external credit cards. AI-powered auto-itemization eliminates manual expense reports by instantly pushing categorized spending data to enterprise resource planning and general ledger systems.

Navan's AI assistant Ava handles over 150,000 customer interactions monthly, resolving more than half of support cases without human intervention. The assistant can rebook disrupted flights, answer policy questions, and provide personalized travel recommendations based on employee preferences and company guidelines.

For complex travel needs, users can escalate to 24/7 human agents or access Navan Pro, a premium service tier delivered through the company's Reed & Mackay acquisition that provides high-touch corporate travel management.

Navan operates as a B2B SaaS platform with a multi-revenue stream model that monetizes corporate travel booking, expense management software, and payment processing.

Per the S-1, Navan categorizes revenue as (i) usage-based (per-booking and supplier/partner transaction fees) and (ii) subscription (expense). Usage-based represented ~90% of total in FY2025/FY2024, subscription ~10%, and usage yield was ~7% in each period.

The company generates recurring subscription revenue from its expense management platform while earning booking commissions on travel reservations and interchange fees through corporate card transactions. Navan disclosed corporate payments volume of $3.7B in fiscal 2025 (and $2.0B in the six months ended July 31, 2025).

The business model centers on reducing friction in corporate spending workflows by integrating travel booking, payment processing, and expense reconciliation into a single platform.

This integration creates switching costs as finance teams become dependent on the automated reconciliation and policy enforcement capabilities.

Navan's partnerships with major financial institutions like Citi and American Express enable the company to offer card-linking technology without requiring customers to switch their existing corporate card programs.

The Navan Connect feature streams transaction data from over 250 global banks, allowing customers to maintain their preferred banking relationships while accessing Navan's automated expense management.

The company's AI-driven automation reduces the manual workload for both employees and finance teams, creating value that justifies subscription fees while the integrated booking platform captures travel spend that would otherwise flow to traditional travel management companies or online booking tools.

Revenue expansion occurs through increased travel volume, broader employee adoption within customer organizations, and cross-selling between travel and expense management modules.

The platform's policy enforcement and real-time budget tracking create additional value for finance teams managing corporate spending compliance.

Navan operates in the corporate travel and expense management market, competing across three distinct segments that have increasingly converged.

SAP Concur dominates the traditional expense management market with 85 million users and over 300 ERP integrations, competing on ecosystem breadth and compliance capabilities. The platform's extensive partner network and multi-year enterprise deployments create significant switching friction, though users often complain about the complex user experience that Navan targets.

American Express Global Business Travel completed its acquisition of CWT in September 2025, creating the largest managed-travel operation with ~24,000 clients—raising the bar on global inventory, service coverage, and corporate relationships.

TravelPerk leads in European markets with deep local inventory and transparent pricing, claiming lower fares than Navan in 58% of core EU bookings. The platform focuses on small and mid-market customers with faster approval workflows but lacks native expense management, requiring third-party integrations that create friction compared to Navan's unified platform.

Navan differentiates through its AI assistant Ava and the Navan Connect card-linking technology that enables customers to maintain existing banking relationships while accessing automated reconciliation. The company's direct airline connections provide access to 40-50% more fare types while avoiding traditional distribution system surcharges.

Ramp bundles corporate cards with expense management and travel booking through its Priceline partnership, emphasizing cost savings and free pricing to target high-growth startups seeking consolidated spend management. The platform trades travel content depth for simplicity and cost efficiency.

Brex launched BrexPay for Navan in October 2024, embedding Brex cards natively within Navan's platform to provide per-booking virtual cards and automated reconciliation across 50+ currencies. This partnership creates a complex dynamic where Brex simultaneously partners with and competes against Navan in the corporate spend management market.

Navan has tailwinds from the digitization of corporate spend management and increasing demand for integrated travel/expense solutions, with opportunities to expand into adjacent markets like accounts payable automation and banking services.

Navan's Concierge by Ava feature uses generative AI to provide personalized hotel recommendations based on employee loyalty status, past stays, and office proximity. This capability creates upsell opportunities for premium lodging and enables deeper integration with hotel loyalty programs.

The Advanced Analytics platform launched in May 2025 transforms over 100 travel variables into interactive dashboards at no additional cost, with potential for monetizing advanced benchmarking and spend optimization modules as premium add-ons or standalone data products.

The Accountant Console launched in 2025 extends Navan Connect to CPA firms, enabling them to manage client travel and expenses from a unified interface. This same template can be verticalized for legal, consulting, and managed service provider partners, expanding Navan's addressable market beyond direct corporate customers.

The new Navan Business Travel Index packages aggregated spend data for external investors and strategists, opening subscription or sponsorship revenue streams similar to established industry benchmarking products.

Navan's acquisition of Tripeur in April 2023 provides localized inventory including IndiGo airlines and Indian Railways, plus GST automation for India's business travel market. The Comtravo and Resia acquisitions added high-touch MICE capabilities and invoicing technology for DACH and Nordic markets.

Navan Connect now links to approximately 250 banks across 100 currencies, reducing switching costs for large enterprises and enabling expansion into markets where local banking relationships are critical for corporate adoption.

AI commoditization: Navan's competitive advantage increasingly relies on AI-powered automation and personalization, but these capabilities may become commoditized as large language models become more accessible to competitors. If rivals can replicate Navan's AI assistant functionality, the company's differentiation could erode rapidly.

Partnership dependence: The business model depends heavily on partnerships with banks like Citi and American Express for card-linking technology and payment processing. These partners could potentially develop competing solutions or change partnership terms unfavorably, threatening Navan's integrated value proposition.

Travel pattern shifts: Permanent changes in corporate travel behavior following the pandemic could limit Navan's total addressable market growth. If remote work reduces business travel permanently or if companies implement stricter travel policies, Navan's travel booking revenue stream faces structural headwinds.