Corporate card and expense management fintech Brex has partnered with travel and expense solution Navan to launch a joint offering.
The new product, BrexPay for Navan, is an integrated business travel and payments solution for Navan users that streamlines travel payments into a single workflow when using the Navan travel management system. The new tool taps Navan Connect, a card-link technology that allows companies to use their existing payment cards and banking relationships, and Brex’s embedded finance tool, Brex Embedded.
The result of the collaboration is a direct integration between Brex’s global payments infrastructure and Navan’s travel-booking infrastructure. The new tools offer Navan’s business clients higher limits than legacy cards and local currency cards across more than 50 countries, a scalable travel program that facilitates compliance and helps reduce costs, and automated receipts and reconciliation that saves companies hours of accounting time each month.
“With BrexPay for Navan, we are bringing something truly unique and monumental to the market,” said Brex CEO Pedro Franceschi. “By combining Brex’s fast onboarding, global acceptance, and homegrown financial stack with Navan’s end-to-end business travel offering into one solution, customers now have access to a payments and travel experience that is beyond any other corporate travel and payments solution.”
For Navan, integrating payments into its existing corporate travel booking tool has the potential to both attract new clients and maintain its existing client base. That’s because for Navan, integrating payments into its existing corporate travel booking tool has the potential to both attract new clients and maintain its existing client base by offering businesses a single, cohesive solution for managing both travel and payments, eliminating the need to juggle multiple platforms.
By combining Brex’s multi-faceted financial infrastructure with Navan’s travel management system, companies benefit from higher credit limits, local currency options, and automated reconciliation, making it easier to scale travel programs globally while saving time and reducing costs. The move not only simplifies operations, but also enhances the overall user experience, giving Navan a competitive edge in a market that values efficiency and innovation.
Brex was founded in 2017 to create a digital-first business banking solution. The company offers business bank accounts with credit cards that have built-in rewards, spend controls, and expense tracking. The accounts provide businesses access to their online revenue, billpay tools, and integration with popular accounting tools.
Brex quickly rose to prominence in the fintech space after positioning itself as a digital bank account and card offering for startups. The company sought to solve pain points that often come with corporate cards, including lengthy approval processes and restrictive credit limits. Within just two years, Brex managed to raise billions of dollars in funding and achieve unicorn status.
In 2022, however, as Brex expanded its focus from small businesses to larger, venture-backed companies, the company experienced a downward shift. Because Brex discontinued some of its services geared toward small businesses– its original customer base– many customers left to seek alternative solutions. negative backlash.
Despite the dip, Brex remains a major player in the fintech space, serving “tens of thousands of businesses” ranging from small private companies to large public brands, including Airbnb and Classpass.
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As we look into the partnership between Brex and Navan, we see a promising collaboration that aims to revolutionize the way businesses handle travel payments. With BrexPay for Navan, companies can benefit from a seamless integration of payment solutions within their travel management systems, creating a one-stop solution for all their travel and expense needs.
This innovative approach allows businesses to take advantage of higher credit limits, local currency options, and automated reconciliation, streamlining processes and ultimately saving time and money. By combining Brex’s established global payments infrastructure with Navan’s expertise in travel management, this partnership offers a scalable and efficient solution that caters to the evolving needs of modern businesses.
Furthermore, the integration of payments into Navan’s existing platform is a strategic move that not only enhances the user experience but also sets a new standard in the industry. With Brex and Navan working hand in hand, companies can expect a comprehensive solution that addresses the complexities of corporate travel and payments.
Overall, the launch of BrexPay for Navan marks a significant milestone in the fintech world, showcasing the power of collaboration and innovation in solving real-world challenges. This partnership is a testament to the potential of combining cutting-edge technology with industry expertise to create solutions that drive efficiency and growth.
