Navan Launches Business Expense Management Tool - Finovate

Navan Launches Business Expense Management Tool – Finovate

Time Stamp: June 13, 2023 5:15 PM
Navan Launches Business Expense Management Tool - Finovate PlatoBlockchain Data Intelligence. Vertical Search. Ai.
Navan Launches Business Expense Management Tool - Finovate
  • Navan is launching Navan Connect, a card-linked, automated expense management tool.
  • Navan Connect is an upgraded version of the company’s expense management product, Navan Expense, which it launched in 2020.
  • With Navan Connect, businesses can link their existing corporate Visa and Mastercard cards to Navan Expense.

Corporate travel and expense management company Navan (formerly TripActions) is giving its Navan Expense product an upgrade this week. The San Francisco-based company is launching Navan Connect, a card-linked, automated expense management tool.

Navan first debuted Navan Expense tool in 2020 and has since seen 80x growth in spend volume. The expense tool’s features, such as smart policy controls and auto-itemization, help reduce out-of-policy spend.

Similar to Navan Expense, the Navan Connect program offers a business’ finance team access and control over corporate cards by ensuring the spending lines up with company policy. It also offers visibility into both pending and cleared transactions in real time. Unlike with Navan Expense, however, Navan Connect, allows the company’s business clients to be keep their existing corporate card programs, along with the loyalty rewards, rebates, and banking relationships that come with the program.

“This is a game-changer when it comes to managing expenses,” said Navan Expense EVP and General Manager Michael Sindicich. “It’s a big step forward for finance leaders, who want to keep their employees happy with a modern solution but without the disruption caused by changing corporate card programs. We’re excited about this groundbreaking solution, which helps organizations streamline their processes and focus on what really counts.”

To take advantage of Navan Connect, businesses can link their existing Mastercard or Visa corporate cards to benefit from the Navan Expense corporate card control features. “With Navan Connect, we’re expanding this convenience and efficiency to the corporate cards that our customers prefer, harmonizing personal choice with corporate needs,” said Navan Co-Founder and CEO Ariel Cohen. “It’s not just a product; it’s our pledge to simplify expense management while enhancing flexibility and control for businesses.”

Navan was founded in 2015. The company leveraged AI to create an enhanced user experience around booking corporate travel. Since then, Navan has made four acquisitions and now counts 2,900+ employees across 40 markets. The company expanded into India in April of this year after acquiring Tripeur.

Photo by Andrea Piacquadio

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