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letgo Gets Greater Control Over Travel Spend with Navan Expense

New York business trip itinerary on Navan

With more than 100 million downloads and hundreds of millions of listings, letgo is the largest and fastest-growing platform to buy and sell locally. As the 300+ person organization scaled, so did letgo’s travel spend, making controlling and managing T&E a top priority.

Employees at letgo primarily travel between the company’s two main hubs in Barcelona and New York City. While in-person collaboration was a key contributor to letgo’s positive culture and facilitated better interdepartmental planning, operating in multiple countries with different currencies added an additional layer of reconciliation complexity for letgo’s Finance team.

Not only that, but sorting through a mixture of expenses made on centralized corporate cards, team-specific P-Cards, and employees’ personal cards resulted in hours of manual administrative work, bringing the team’s focus away from strategic financial analysis.

Challenges

  • Balancing strategic goals with financial obligations
  • Time consuming monthly T&E reconciliation
  • Purchasing card security and fraud risks

Results with Navan

  • 25% decrease in per traveler spend
  • Monthly reconciliation in less than 10 min
  • Mitigated fraud and risk by transitioning purchasing cards to Navan Expense

A desktop view of travel spend analysis using the Navan app.

95% Reconciliation Done Automatically

David Wieseneck, VP of Finance at letgo, explained how his team previously reconciled hundreds of transactions each month manually. Now, after rolling out Navan Expense, it takes barely 10 minutes: “All we need to do is download an invoice and upload it as a single transaction item in our accounting system,” said David. “I have 100% confidence that this invoice reflects all reconciled travel booked in Navan, with defensible data to back it up in case of audits.

A collage view of a Paris trip itinerary on the Navan mobile app and the Navan corporate card

Financial Security & Peace of Mind

Financial-level security was also top-of-mind for David when looking for a travel payment solution. With Navan Expense virtual cards, a unique card number is generated for each transaction, which means that the number cannot be reused.

“If our corporate card was lost or somehow compromised, I would have to change payment information in 20 different places,” David explained. “With the Navan Expense virtual card this is no longer something I even have to think about.”

Picture of a man kicking in the air

Focused and Efficient

Now, David can keep his team focused and efficient. “If all we’re doing is just reconciliation and chasing after expense reports, then we can’t add as much value as we’d like,” he added. “If we can focus on closing books quickly then we can free more time for analyzing data and finding ways to save money.”

For us, the return on investment for Navan is not just the monetary savings that we've realized, but also the ease of use and the happiness of our employees, being able to use a platform, an app that allows them to travel without really having any difficulties.

David Wieseneck

VP of Finance

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