Navan Partners with Citi to Simplify Expense Management for Commercial Clients

Published 7 months ago

Expense management startup, Navan, has secured an exclusive agreement with Citi which, according to executives, is set to substantially expand its potential market. The impressive deal will see the fintech company and the banking titan launching a co-branded travel and expense system specifically for Citi Commercial (CCB) cardholders.

A Significant Deal for Navan

The partnership is a major development for Navan, given that Citi is the third largest bank in the United States, supporting over 25,000 global commercial card programs and seven million cardholders worldwide. These cardholders represent over $42 billion in annual charge volume in the U.S. alone.

“This deal is increasing the addressable market and companies we can sell to,” stated Michael Sindicich, executive vice president and GM of Navan Expense.

The Navan Connect Offering

Citi’s commercial clients, which are companies with an annual revenue of $10 million or more, will be given the opportunity to opt into Navan’s offering, Navan Connect. Once opted in, their accounts will be integrated with Navan’s software, allowing users to avoid filing reports for travel-related or other expenses.

Chris Pieroth, head of commercial cards global product development at Citi, revealed that the bank’s clients have long been requesting this type of service. “They have said, ‘It would really be nice if you could offer us a true end-to-end solution that handles the booking, the payment and the expenses… The concept of not having to file an expense report is like nirvana for most cardholders. We’ve been hearing that for decades,” Pieroth explained.

Before launching its Connect offering, Navan, formerly known as TripActions, required customers to use its cards to access its automated expense management and payment capabilities. The company then recognized the potential of integrating its technology with financial institutions. Consequently, Navan is not threatened by its Connect product competing with its own corporate card offering.

Navan’s revenue is generated through subscription license fees for its expense management software and trip charges for travel, rather than through interchange fees.