Navan's US Enterprise Payments Edge

Navan’s edge in US enterprise comes from turning travel into a payments business, not just a booking workflow. When a large company books trips in Navan, the platform can also issue or route the payment, capture the card swipe economics, and auto reconcile the charge into expense systems. That gives Navan a second revenue stream on the same trip and makes the product especially attractive to big US companies with complex card programs and global travelers.

• Navan monetizes one travel booking in multiple ways. It earns supplier and booking fees from the reservation itself, subscription revenue from expense software, and interchange from card payments. In fiscal 2025, about 90% of revenue was usage based, and Navan processed $3.7B of payment volume through its corporate payments offering.
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• The enterprise wedge is strongest in the US because large multinationals care deeply about central travel cards, local issuance, and automatic reconciliation. Navan built its own card product, then added bring your own card connectivity across roughly 250 banks, and later partnered with Brex to offer per booking virtual cards and fully matched travel payments for global programs.
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• TravelPerk has been stronger in Europe and historically made money mainly from booking driven revenue. Its January 28, 2025 acquisition of Yokoy was a direct move to close the gap in integrated expense and payment workflows, while its 2024 AmTrav acquisition expanded its US base. That shows where the competitive fight is heading, toward full T&E and payments control, not just better booking UX.
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Going forward, the winners in corporate travel will look more like spend platforms with embedded payments than classic travel agencies. Navan is already positioned there in US enterprise, while TravelPerk is moving in the same direction through Yokoy and US expansion. The next phase of competition will be decided by who controls the payment rail, the reconciliation workflow, and the enterprise rollout at the same time.