A note from Nav’s co-founders:
At Nav, we’re driven by a single mission. We’re decreasing the small business death rate in America by guiding business owners like you to the right financing option and helping you improve your financial health.
So, as we celebrate National Small Business Week, we’re excited to announce that we received a significant investment to accelerate our mission, led by Goldman Sachs Principal Strategic Investments Group.
How We’ll Use the Investment
- Improve our technology and user experience, so you can get even clearer insights into your business’s financial health and find the right financing for your needs even faster.
- Increase the number of entrepreneurs who benefit from our platform. Over 200,000 business owners use Nav, but there are millions more who could use our help.
- Pay our employees. We’ve put together a world-class team who work long days (and sometimes nights) to help your business achieve its financial goals. Regular paychecks seem to spur them to greater heights.
Why It Matters
Despite being the backbone of the U.S. economy, too many small business owners still struggle to get financing. According to the latest Federal Reserve Small Business Credit Survey, small businesses biggest challenge was accessing the credit necessary to make their entrepreneurial ambitions bear fruit.
We feel their pain. We’ve been there before. Starting a business is like planting a seed. On the one hand, there’s nothing more exciting than watching those first tender buds break the surface. On the other, there’s nothing more frustrating than seeing them get choked in the weeds of credit and finance.
A Better Way
We Navericks are constantly cooking up better ways to make life easier for small business owners. Love is our main ingredient, but when it comes to speed and know-how, we’re second to none.
While other models rely on hiring big sales call centers, we’re solving business financing and credit challenges in a modern way: by using data, research and technology to give you better insights into your business creditworthiness and remove the pain of finding and applying for the right financing.
Small businesses need a partner, not just a loan.
Imagine clicking a button to access immediate, affordable financing—and knowing it’s the best option for your situation. Imagine managing the whole of your business’s financial health from one platform.
We’re already on our way. When you visit Nav’s marketplace, our MatchFactor technology instantly shows you the business financing—like loans and credit cards—you’re most qualified for, based on your actual credit data, business data and needs. It does this without requiring you to fill out a bunch of information.
And our recently launched Business Loan Reality Check Android app gives you an estimate of your company’s borrowing power based on your cash flow data. This data, along with the business and personal credit profiles are the main ways business lenders judge you. We’re the only place providing access to both.
Five years ago, we launched Nav to turn imagining into reality. We built the first platform where you could obtain your business and personal credit data simultaneously, free of charge.
We’re proud of the progress we’ve made, but there’s still plenty to do. From the educational articles we write, to the technology we build, it’s all done with you in mind.
We work tirelessly because we believe our labors can have a positive impact on millions of businesses, and in consequence improve hundreds of millions of lives.
Some big names have already invested in our vision. They see it for what it is: the promise of something better, the dream of something new. Our burning desire is that you see that promise, too.
Come dream with us. We love you and we love what you do.
—Levi King and Caton Hanson | Co-founders of Nav
Nav recently increased its Series B funding of $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. Rana Yared, Managing Director in the Goldman Sachs Principal Strategic Investments group, has joined as Nav board observer. For complete funding details please see our press release.