The news follows the recent launch of a new travel and expense system by Navan and Citi for Citi Commercial Bank cardholders, aimed at providing a seamless digital experience. In other developments in the sector, Spendesk announced a new integration with TravelPerk, and Fyle partnered with Sensiba to deliver AI-powered expense reporting and credit card reconciliation solutions.
Key takeaways:
- Navan, a corporate travel and expense management startup, has laid off 145 people, which is 5% of its workforce, as part of a restructuring effort.
- The company is refocusing its efforts to move faster towards profitability and increase operational efficiencies.
- Navan had confidentially filed to go public this year but has now shifted the target date to April 2024, citing that the market conditions are not right at this time.
- Last month, Navan and Citi launched a new travel and expense system for Citi Commercial Bank cardholders, aiming to provide a seamless digital experience.