Nav Increases Funding Round to $38 Million

 

SAN MATEONav, a platform that bridges the gap between small businesses and financial institutions, has increased its Series B funding round from the previously announced $25 million to $38 million in equity capital. Goldman Sachs Principal Strategic Investments group led the round expansion with participation from CreditEase Fintech Investment Fund, Point72 Ventures, and Clocktower Technology Ventures.

Nav is a leader in small business credit and finance, with more than 200,000 small business owners using the platform to take control of their financial health and access the financing they need to grow their business. Nav will use the Series B funding to introduce more business owners to its platform and drive additional data insights for their customers.

“Our model is solving the access to capital problem in a modern way. We’re using data to help business owners understand their financial health and dramatically simplify the process of borrowing money and getting credit,” said Levi King, co-founder and CEO of Nav.

In the U.S., small businesses still struggle to get the financing they need despite playing a critical role in the growth of the economy. The latest Federal Reserve Small Business Credit Survey found that 61 percent of small businesses faced financial challenges in 2016, with access to credit cited as the top challenge. Nav’s platform is tackling this issue head-on.

“Nav’s access to unique data introduces a new level of ease and transparency to small business credit and finance,” said Rana Yared, Managing Director in the Goldman Sachs Principal Strategic Investments group. “We’re excited to support Nav’s efforts to empower small business owners and help them scale their platform.”

Along with providing both business and personal credit score data tied to personalized tips and advice, Nav recently launched its free Business Loan Reality Check mobile app, which evaluates a business owner’s cash flow to give additional insights into their borrowing power. Credit profiles and cash flow are the primary ways lenders evaluate small businesses. By providing data from Experian, Dun & Bradstreet, and TransUnion, Nav is the only site that shows business owners both personal and business credit scores, the FICO SBSS score and cash flow insights that help them understand how lenders view their creditworthiness.