NAVAN & ADYEN
Beyond the booking: Navan scales global card issuing
For most business travelers, the trip ends when they get home. For finance teams, the work has just begun.
Receipts need to be matched. Expenses need to be reconciled. And spend policies need to be enforced. What looks like a simple hotel stay or flight booking can quickly become an admin burden spread across multiple systems.
Since 2015, Navan has built its business around simplifying corporate travel. As the company grew, it realized that booking a room or flight was only half of the job. Finance teams required real-time visibility into spend, while travelers wanted a seamless experience from reservation to reimbursement.
To support that vision, Navan sought a payments partner that could help them scale while managing multiple banking partners, integrations, and compliance requirements across markets. We spoke with Navan’s Chief Product Officer, Yuval Refua, about the company's growth, why they chose Adyen, and how bringing financial products in-house is shaping their next phase.
€1B+
transaction volume* on Visa cards issued together across the US, UK, and EU
3.8k+
enterprise customers onboarded across nine markets
99.9%
transaction success rate**
The challenge: Scaling without multiplying complexity
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: One integrated, full-stack financial 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 program 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 authorization, and simplify expense reconciliation.
The results: €1B* in transaction volume on issued cards
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 programs in the US, UK, and EU
Maintained a 99.9% transaction success rate**
They’ve supported over 3.8k enterprise customers in nine markets
And Navan’s card program 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.
One connected journey
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.
——————
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.
Monetize beyond subscriptions
Access our licensed banking infrastructure to launch white-labeled payments, accounts, capital, and cards through one unified platform.