Navan's IPO saw a 20% drop on its first day, reflecting a significant decline from its private market valuation. Despite strong growth and profitability metrics, the company faces a tough market where non-AI businesses are undervalued compared to AI-driven firms.

UK fintech Monzo has achieved a significant milestone by surpassing £1bn in revenue for the first time, reporting £1.2bn in revenue and a profit of £60.5m for the last financial year. With a growing customer base of around 12 million and plans for expansion in Europe and the US, Monzo is also preparing for a potential IPO, currently valued at £4.5bn.