Nav Launches Next-Generation Embedded Finance Platform for Intelligent SMB Financing
New and enhanced capabilities are designed to meet small business owners where they are, improve access to capital, and increase industry-wide data connectedness.
SALT LAKE CITY, Nov. 17, 2020 /PRNewswire/ -- Nav, the simple and intelligent financing platform for small businesses, today announced the launch of its next-generation embedded finance platform. The new and enhanced features build on Nav's existing technology, providing a seamlessly embeddable solution for small business financing. Nav's curated marketplace and sophisticated data technology connect disparate data sets to provide transparency and certainty for SMB owners and ecosystem partners.
Embedded finance is the seamless integration of financial service technologies with other provider solutions, and it's rapidly emerging as the standard for delivering unified, enhanced user experiences. Recent analysis from Lightyear Capital predicts revenue gains from the embedded finance market will increase ten fold in the next five years, reaching $230B by 2025. For the small business sector in particular, embedded finance is a path to solving some of the most prevalent pain points for business owners. Improving simplicity, transparency, and confidence in financial decision-making can make or break a businesses owner's ability to secure the capital they need to succeed.
"The growth in embedded finance overall is already huge, but the opportunity is massive when you look at the small business ecosystem. Traditional banking isn't built to serve small businesses, and financial technology is quickly filling that gap. This demand is made far more urgent by COVID-19," said Nav CEO Greg Ott. "We're witnessing an inflection point in embedded finance today, amidst extremely uncertain times. SMB owners need simpler, transparent access to capital. And on the flipside, lenders and service providers need data to innovate faster and deliver better offerings. Embedded finance solves this on both sides."
Nav launched its first embedded finance offering in 2018 with market-leading point-of-sale provider Clover. The first-of-its-kind partnership gives more than 700,000 Clover customers instant access to credit score insights, 24/7 business credit monitoring, and offers from Nav's curated marketplace of lenders and credit cards. For Clover, tapping into Nav's proprietary data set and machine learning capabilities unlocks valuable insight into the small business ecosystem. This data can then be used to improve predictions, deliver new products tailored to users' needs, boost customer engagement and retention, and add net-new revenue streams.
Nav's new and enhanced platform features include:
- Dynamic Financing Profiles – Instead of asking users to fill out dozens of online forms, provide their data to multiple lenders, and hope for a call, Nav's intelligent platform identifies a range of personalized funding matches for customers in less than a minute.
- Full-Service Funding Manager Team – Nav's enterprise partners can now provide their users access to high-touch financing expertise at no additional cost. An expanded team of Funding Managers supports small business owners in their financing journey from start to finish.
These new capabilities are a continuation of Nav's leadership in providing seamless, embedded financing services for the small business ecosystem. Learn more about Nav's small business financing platform here, and learn about partnering with Nav here.
About Nav
Nav uses real business data to quickly match small businesses with the best loans and credit cards. The leading Business Financial Management app, Nav's intelligent business financing solution powers insights and opportunities for daily financial decisions that fuel their success. Nav's solution is also leveraged by other business service providers to enhance their customer experience. More about Nav is available at Nav.com.
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