Travel and expense management start-up Navan has been on a rapid ascent since its founding in 2015 by Ariel Cohen and Ilan Twig. Formerly known as TripActions, the company has received multiple funding rounds since, rebranding itself in 2023 as a palindrome that combines the words “navigate” with “avant” — in other words, “forward navigation.”
In an exclusive interview with CFO, it is revealed that finance veteran Amy Butte is taking over the reins as the company’s finance chief to oversee a team of approximately 160 people. Butte had joined Navan’s board in April of this year, but in short order the company’s leadership recruited her into the full-time role in the C-suite.
With a potential IPO in its sights — Cohen has said he doesn’t want to give a date, but is close to this milestone — the fintech has been upgrading its leadership amid more than $1.5 billion in venture funding and a $9.2 billion valuation as of 2022.
Amy Butte
CFO, Navan
First CFO Position: 2002
Notable Previous Employers:
- NYSE
- MF Global
- Credit Suisse First Boston
- TILE Financial
This interview has been edited for brevity and clarity.
ANDY BURT: First off, congratulations on your new role with Navan. How does it feel to receive this new appointment, especially since you have worked primarily in an advisory role since 2012?
AMY BUTTE: I'm really excited. I had such positive experiences as an operator in the past. And so when CEO Ariel [Cohen] asked me whether I was interested in the CFO role, I asked myself the question, “do I have one more in me? Would I regret it if I didn't do it? How much fun would I have doing it? And could I make it work for the things that are important to me today?”
And the answer was definitely, “yes.” Let's go.
What drew you back into an operating role as CFO?
BUTTE: First, it was the people of Navan and Ariel's leadership.
A constant theme from the board, to the people that I've met and heard from in the company, is the desire to build the best product for our clients and see Navan succeed. And Ariel sets the tone. He's smart, he's passionate, he's a long-term thinker. And it was clear that these were the type of people that I wanted to work with.
Second, it is Navan’s clients. I was blown away by the number of people that either reached out to me independently, or reacted to some of the posts on LinkedIn, with comments such as “I love the product, we use it at my company, it's great.”
How do you switch from when you were on Navan’s board advising the company to helping run it?
BUTTE: There’s a difference being on the board and being in the C-suite. But [a good switch] starts with a great board. Navan clearly has that.
Second, you understand your role. I understand the difference between being part of management and being a director. I think that's a really clear distinction in good corporate governance.
Third, you need a great leadership and culture. And Ariel is committed to open communication and building the business. The [C-suite] has the support and respect of the board. I'm just look forward to building on the culture that's already set.
You’ve had so many roles in your career, particularly in an advisory role, which I’m sure gives you a massive amount of touch points. What led you down that advisory role, and what has brought you back to operations?
BUTTE: It was very personal choice to move away from an operating role into an advisory capacity. It was at the time that I was closing down my startup (TILE Financial), and I had just had my son. And unfortunately, I had a lot of people in my life who passed away from cancer.
So I really stepped back and asked myself, not just what do I want to do, but how do I want to live? I always liked the operating experience. And I needed a little bit more space to be there for myself and other people in my life. Now, a number of years later, I'm in a place where I'm really excited to go back.
"I asked myself, not just what do I want to do, but how do I want to live?"
Amy Butte
CFO, Navan
I've helped take companies public as a banker, a research analyst, a CFO and as a director. As you think about a pre-IPO company, taking a company public is one of the most exciting journeys a team can take together. Through my work, I've gained the ability to appreciate many different kinds of companies, early- and late-stage, east coast and west coast, domestic and global.
As a problem solver — which is really what I like to consider myself — I enjoy understanding each organization's opportunities and challenges. And I like to think I can help people identify and break down issues for the best results.
Thank you for sharing those personal details of your life. What would you tell other aspiring CFOs how to examine their own path?
BUTTE: Every person will have their own journey. I was very fortunate to have success early in my journey, which gave me the flexibility to [make these choices]. As a leader, I've learned that people are most important to the experience.
At the NYSE, one of my proudest moments was when a finance team and colleague approached me, after we went public (the NYSE began trading as a public company in March, 2006), and she said, “I have been here for 40 plus years, and the last few have been the hardest and the most fun.”
It's helping a company go from one stage to the next. It's a team sport, right? My job as a leader is to help find a clear path and encourage people to come on that journey.
You said your colleague juxtaposed the ideas of the NYSE experience as “most hard” and “most fun.” How do those ideas mesh?
BUTTE: Going through an IPO process is kind of like going through a growth spurt. It's exciting, but it can sometimes be painful.
You're asking people to operate faster, more efficiently, and with more precision. And you're asking the company to really reflect on, not just who they are, but who they want to be. That can be a lot of work, particularly for a finance function, that is used to operating in a private sector.
Navan has been widely recognized for its service to CFOs specifically, and for its innovation and disruptive AI technology. How do you hit the ground running for such an ambitious organization?
BUTTE: We are in the travel and expense space, which means we have an even larger market opportunity to combine with our innovative technology, and a mission to support businesses who need this product.
"Going through an IPO process is kind of like going through a growth spurt. It’s exciting, but it can sometimes be painful."
Amy Butte
CFO, Navan
I've learned that investors will give a premium valuation to companies that demonstrate top line growth, operating efficiency, and a commitment to financial discipline. As a research analyst, a former research analyst and investor, I learned what investors will focus on as they think about putting a company in their portfolio. As an entrepreneur, I can appreciate the tremendous moat and scale that Ariel and Ilan Twig helped build.
And as a financial geek, I want to bring the best practices to the organization.
What are some of the keys to IPO readiness?
BUTTE: So first and foremost, you need enthusiasm and commitment. You also need a sense of perspective. It will be a team effort to ensure that the company is ready to go public.
I've spoken previously in other venues about the financial discipline and opportunities that come with an IPO. I believe in the public markets. I believe that companies are better companies when they go through the maturation process necessary to be a public company.
I also believe Navan is exceptionally well-positioned to benefit from public access to capital. We can increase brand awareness so that more businesses can benefit from Navan... The key levers for success are the key ingredients for a successful IPO and are already in place.