NAVAN & ADYEN
Scaling global card issuing: Inside Navan's approach
What starts as a straightforward hotel or flight booking can turn into hours of admin spread across disconnected systems. Receipts need to be matched. Expenses need to be reconciled. And spend policies need to be enforced.
Founded in 2015, Navan set out to make business travel easier to manage. As the business grew, one thing became obvious: booking the trip was only the. What finance teams actually needed was real-time spend visibility, and what business travellers wanted was a frictionless experience from reservation right through to getting reimbursed.
To support that vision, Navan needed a partner able to grow with them, one equipped to navigate several banking relationships, handle complex integrations, and stay compliant across every market.
We spoke with Yuval Refua, Navan's Chief Product Officer, about the company's trajectory, its decision to partner with Adyen, and what building in-house financial products means for what comes next.
£1B+
transaction volume* on Visa cards issued together across the UK, the US, and the EU
3.8k+
enterprise customers onboarded across nine markets
99.9%
transaction success rate**
The challenge: Growth without the growing pains
As Navan evolved from a travel booking platform into a full travel, expense, and payments solution, launching a card program became central to their shift.
But scaling globally meant navigating different regulatory requirements, banking relationships, currencies, and compliance obligations. Building a separate solution for each market wasn’t sustainable.
Navan also needed a partner that moved at modern software speed. Traditional banking providers often lacked the APIs and technical flexibility to support rapid expansion, and customers expected more sophisticated capabilities.
"The risk of not getting this right was losing trust with our customers," says Yuval. "If a traveler checks into a hotel in the middle of the night and their corporate card doesn’t work, that is a big problem. Embedding issuing capabilities into the Navan platform gives us greater control over the customer experience and allows us to solve that for our customers."
The solution: Everything running on one platform
Rather than coordinate with multiple local banks, Navan used Adyen to access multi-currency issuing, KYC requirements, and account funding through one integration. They were able to manage card issuing compliance across regions while keeping the user experience consistent.
"Having Adyen show me a unified platform that I can code against and that exposes all those geographies and currencies for us in real time, is priceless."
Yuval Refua
Chief Product Officer at Navan
Because Adyen's Issuing programme runs on a single infrastructure, Navan could focus on building product experiences.
The integration also gave Navan’s customers more control. Because transactions process in real time, businesses can monitor spend as it happens, apply policy controls at authorisation, and simplify expense reconciliation.
The results: £1B in card volume, and counting*
By embedding issuing into its platform, Navan’s built a scalable foundation for global growth.
Between Q12025 and Q12026:
Navan and Adyen surpassed £1B* in issued volume across Visa card programmes in the UK, the US, and the EU
Maintained a 99.9% transaction success rate**
They’ve supported over 3.8k enterprise customers in nine markets
And Navan’s card programme has continued to grow across its markets.
Beyond issuing, Navan has expanded its use of Adyen's platform to include business accounts for reimbursement and acquiring for customer repayments.
The aim? Simplify operations and create a more connected experience across travel, payments, and expense management.
Every step of the journey, joined up
Now live across nine markets, Navan’s work with Adyen supports its broader approach to embedding financial services into its platform.
The goal remains the same: help businesses manage the entire journey, from booking travel to controlling spend to closing the books.
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Editor’s note
*Transaction volume represents transactions processed from Q1 2025 through Q2 2026.
**Transaction success rate is measured as the percentage of payment requests successfully processed, excluding requests that fail due to system errors, internal timeouts, or invalid requests. Calculated as the year-to-date average of monthly transaction success rates.
Forward-looking statements
All statements in this communication other than statements of historical fact could be deemed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are often identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “will,” or similar expressions. Such statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. These risks and other factors include the risks described under the caption “Risk Factors” in Navan’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”) on June 11, 2026, as they may be updated by Navan’s subsequent filings with the SEC. Except as required by law, Navan undertakes no obligation, and does not intend, to update these forward-looking statements.
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