SAN MATEO, Calif., Dec. 17, 2015 /PRNewswire/ -- Nav, the only free source for both personal and business credit scores, today announced it has been named to Forbes' inaugural Fintech 50 list, which honors the most innovative financial technology companies. According to Forbes, those included are "destined to have a big impact on your financial future." Other companies recognized in this exclusive list include: Credit Karma, Prosper, Stripe, and Zenefits. This award comes on the heels of the company being named 2015's Top 100 Champion by Small Business Trends and Small Biz Technology.
"We're grateful for the recognition we have received from Forbes as one of the top 50 companies in financial technology," said Levi King, co-founder and CEO of Nav. "Credit and financing has always been a blindspot for small businesses, leaving many of them to turn to options that have unreasonable payment terms or interest rates. I've felt the misery myself in my early days as a small business owner, being turned down for financing multiple times and not really understanding why. We are bringing greater transparency to the credit data and the funding process for small businesses, so they can take simple steps to qualify for financing that best fits their needs. We are proud to have helped 80,000 small businesses so far – with only 29 million or so to go."
2015 was a year of impressive progress in Nav's mission to reduce the death rate of U.S. small businesses by helping them improve their financial health and access the capital they need to thrive. Nav's customer base has grown over 10 times since the beginning of 2015, now with more than 80,000 small business customers using its platform to build their free business credit profile, as well as leverage a personalized marketplace that connects them to business financing based on their credit profile and needs.
"Nav has provided me with tools and insight to tackle my personal and business credit scores head on with ease and efficiency," said Benjamin Snyder, Nav customer and founder of Snyder Technologies — a technology consultancy located in Bethlehem, Pennsylvania. "The experience is simple and informative, with everything I need to know available on one dashboard instantly, whether it be at my office or on my phone. I have saved hundreds, if not thousands of dollars in time and wasted energy because of the advantage Nav has given me."
According to the Federal Reserve Bank of New York, up to 72 percent of small businesses get turned down for bank loans. However, Nav's research shows small business owners who understand their business credit scores are 41 percent more likely to be approved when they apply for a business loan. Nav's survey also showed nearly one quarter of business owners who were turned down for a loan didn't know why they were denied, and nearly half of small businesses were unaware business credit scores even existed.
Credit score and financing information can be confusing, especially for a small business owner who has to worry about both personal and commercial credit. Nav's platform uses proprietary technology and an intuitive user interface to synthesize complex financial data from five different credit bureaus and scoring companies into relevant, actionable information. Its tools and insights guide small businesses in the right direction to improve financial health and access capital.
In addition to its customer growth milestone, Nav recently changed its name from Creditera to Nav, better reflecting its expanded mission to steer small business owners through the complexity of managing their financial health, particularly as viewed by lenders and other businesses. As part of this rebrand, Nav introduced a full product redesign and acquired Fundastic.com, a leading business financing educational site.
This year, Nav also added experienced executives to help accelerate its mission. These hires include: Tim Graczewski as vice president of business strategy and development, formerly Intuit's director of strategic alliances and corporate development; Greg Ott as chief marketing officer, formerly vice president of marketing for QuickBooks at Intuit; Sam Blackham as chief financial officer, formerly vice president of finance at Infusionsoft; and Gerri Detweiler as head of market education, a nationally-recognized credit expert who recently co-authored a new book, Finance Your Own Business.
To learn more about what Nav can do for your small business, visit www.nav.com.
Nav is the only free way for business owners to manage their entire credit and financial life. It's the only site and mobile app giving access to personal and business credit reports, contextual advice, monitoring and marketplace all in one spot. Nav also provides simple tools to build business credit and shows business owners financing offers based on their credit profile and needs. This all helps business owners get more funding, lower their costs, and save time so they can run and grow their business the way they want. Nav has offices in Silicon Valley and Salt Lake City, and its investors include Kleiner Perkins Caufield & Byers and Kickstart Seed Fund. For more information visit nav.com, and follow us on Twitter and Facebook.