Expense management platform Navan has filed its S-1 with the U.S. Securities and Exchange Commission related to a proposed initial public offering.

Navan plans to list its Class A common stock on the Nasdaq Global Select Market under the symbol “NAVN.”

Interestingly, Navan (formerly known as TripActions) once focused strictly on travel expense management but stepped up its overall spend management game at the beginning of the COVID-19 pandemic when its revenues literally hit zero.

The filing, which took place on September 19, sheds some light on the Palo Alto, California-based company’s financials. 

Navan’s revenue climbed 33% year-over-year to $537 million in fiscal 2025, compared to $402 million in fiscal 2024. But the company is far from profitable. However, its net loss narrowed by 45% year-over-year to $181 million in fiscal 2025 compared with $332 million in fiscal 2024. For the six months ended July 31, Navan’s net loss increased by 8% to $100 million versus $93 million for the same period last year.

Revenue over the last 12 months totaled $631 million, up 32%

With over 10,000 active customers, Navan also reported that its gross booking volume over the last 12 months totaled $7.6 billion. Those customers include the likes of Pinterest, Lyft, Okta and Box, according to its website.

With its expanded offering, Navan competes with the likes of buzzy fintech startups Ramp and Brex. Notably, both Ramp and Brex expanded into travel in recent years. 

Despite its expansion beyond just travel, Navan in the risk factors section of its S-1 interestingly stated that its revenue “has historically been, and is expected to continue to be, significantly dependent on” its travel management offerings. It went on to note that “a prolonged or substantial decrease in, or systemic disruptions to, global travel could adversely affect” the company.

Like most other startups, Navan has made a heavy push into artificial intelligence. In February of 2023, the company claimed it was the first travel company to integrate OpenAI and ChatGPT APIs across its infrastructure and product set. The company began using generative AI technology to write, test, and fix code with the aim of increasing its operational efficiency and reducing overhead. Its AI-powered virtual assistant, Ava, handled about 50% of user interactions during the six months ended July 31, 2025. And, the company claims that its proprietary AI framework, Navan Cognition, has improved its gross margins.

2025 has been a busy year for fintech IPOs, especially compared to years past.

On September 10, Swedish fintech giant Klarna made its public debut. Blockchain lender Figure and crypto exchange Gemini soon followed with their own public launches. In early June, stablecoin issuer Circle began trading, with shares skyrocketing since. And digital bank Chime also hit the public markets in June.

Navan has raised more than $1.5 billion in venture funding since its 2015 inception, and was last valued at $9.2 billion at the time of its $154 million Series G raise in October of 2022. Investors include Andreessen Horowitz, Lightspeed Venture Partners, Goldman Sachs, Coatue, and Group 11, among others.