16 Aug, 2017, 09:30 ET
NEW YORK, Aug. 16, 2017 /PRNewswire/ -- Inc. magazine today ranked Nav, a fintech company that bridges the gap between small businesses and financial institutions, NO. 1439 on its 36th annual Inc. 5000. The list offers a look at the nation's fastest-growing companies within the American economy's most dynamic segment — its independent small and midsized businesses. Nav joins the ranks of Microsoft, Pandora, LinkedIn, Yelp, and many other well-known names that have been featured on the Inc. 5000 list.
More than 260,000 small business owners are using Nav's platform to manage their business credit and financial health, and to get streamlined access to business financing. The company is on pace to facilitate 20,000 credit approvals by the end of the year.
"I'm proud of our team for making the Inc. 5000 list, and I'm especially proud of how we earned our growth," said Levi King, co-founder and CEO of Nav. "We started Nav to help small business owners understand their credit and financial health, so they can improve their lives. Consistently delivering on our promise is what's driving our success."
According to Nav's research, small business owners who understand their business credit scores are 41% more likely to get approved for a traditional business loan, which typically has lower costs.
"Hundreds of thousands of small businesses fail each year, with insufficient capital being the leading cause," said Caton Hanson, co-founder and Chief Legal Officer of Nav. "We're using data to dramatically simplify the process of borrowing money and getting credit."
The average company on the 2017 Inc. 5000 achieved a three-year average growth of 481% and the companies on the list collectively generated 619,500 jobs over the past three years. Complete results of the Inc. 5000 can be found at www.inc.com/inc5000.
Nav.com helps business owners get more funding, lower their costs and save time so they can create the business of their dreams. Its app gives free access to credit reports specifically for small business owners, including both business and personal credit reports, cash-flow analysis, and tools to help build business credit. Its marketplace uses a lender-neutral algorithm to help business owners find the best financing options for their needs before they apply. The company has offices in Silicon Valley and Salt Lake City. For more information visit: nav.com.
About Inc. and the Inc. 5000 — Methodology
The 2017 Inc. 5000 is ranked according to percentage revenue growth when comparing 2013 to 2016. To qualify, companies must have been founded and generating revenue by March 31, 2013. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2016. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2013 is $100,000; the minimum for 2016 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons.
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