SALT LAKE CITY, Feb. 11, 2019 /PRNewswire/ -- Nav, the leading business financial management app that helps small business find the best financing by giving them free access to business and personal credit reports from major commercial and consumer credit bureaus, announced it has raised $44.8 million in Series C equity capital.
Goldman Sachs Principal Strategic Investments led Nav's Series C round with participation from Point72 Ventures, Experian Ventures, Aries, and CreditEase Fintech Investment Fund. Nav will use the funding to expand enterprise partnerships, introduce more small business owners to its platform and drive additional data insights for its customers.
"Imagine a single platform that uses data to anticipate and deliver all of a small business owner's financial needs," said Levi King, Co-Founder and CEO of Nav. "Because we can see the pattern of everything from who gets approved for financing to who has strong cash flow, we can solve for the myriad financial considerations for small businesses. This also means we're doing legwork for lenders by matching them to the most appropriate candidates."
As part of Goldman Sachs' investment, Rana Yared, Managing Director in the Goldman Sachs Principal Strategic Investment group, moved from an observer on Nav's board to a voting director.
"We are pleased Goldman Sachs led this round of funding," said Yared. "We look forward to continuing to support Nav's efforts to scale their platform as they make financial options more readily accessible for millions of small business owners."
In 2018, Nav had two industry-first announcements:
- An integrated, multi-year partnership with Clover to deliver U.S.-based Clover users access to their free business credit scores, as well as custom-tailored business financing and credit card options.
- A collaboration with Equifax, making Nav the first and only provider of free small business credit data from all three major business credit bureaus—Equifax, Experian and Dun & Bradstreet.
To date, more than 1 million small business owners have access to their credit data and insights powered by Nav. Other investors include Silicon Valley staple Kleiner Perkins and Tencent Holdings, a Chinese multinational investment holding conglomerate.
Nav is the leading Business Financial Management app offering free access to personal and business credit reports from major consumer and commercial credit bureaus including Experian, Dun & Bradstreet, Equifax and TransUnion. The Nav platform also helps small business owners make informed business credit decisions and hosts a robust marketplace with more than 110 business financing products including loans and credit cards. The marketplace uses a unique, lender-neutral approach to help business owners find the best financing options for their needs. Nav's solution is also leveraged by other business service providers to enhance their customer experience. The company has offices in Silicon Valley and Salt Lake City. More information about Nav is available at Nav.com.