Image Credits: Navan
Expense management startup Navan has inked an exclusive deal with Citi that executives say will open its addressable market significantly.
Specifically, the fintech and the card giant are announcing today a new, jointly branded travel and expense system designed for Citi Commercial (CCB) cardholders.
This is significant for Navan considering that Citi is the third largest bank in the U.S. and supports more than 25,000 global commercial card programs and 7 million cardholders globally. Those cardholders represent more than $42 billion in annual charge volume in the U.S. alone.
“This deal is increasing the addressable market and companies we can sell to,” said Michael Sindicich, executive vice president and GM of Navan Expense.
Citi will offer its commercial clients — defined as companies with annual revenue of $10 million or more — the ability to opt in to Navan’s offering, Navan Connect. Once opted in, the cardholders’ accounts…