We rarely sing our own praises, or much of anything after the karaoke incident, but we’re thrilled Nav earned a spot on Forbes’ Fintech 50 list, which recognizes the most promising pioneers of financial technology. According to Forbes, those included are “destined to have a big impact on your financial future.” We’d also add the word “positive” before “impact.”
Other companies in Forbes’ list include: Credit Karma, Prosper, Stripe, and Zenefits. The Forbes recognition also comes on the heels of Nav being named 2015’s Top 100 Champion by Small Business Trends and Small Biz Technology. It’s been a good year at Nav.
“We’re honored to be recognized by Forbes as one of the top 50 companies in financial technology,” says Nav co-founder and CEO, Levi King. “Credit and financing have always been a blindspot for small businesses, leaving many of them to turn to options that have lousy 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,” King continues. “We’re 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.”
“We are proud to have helped 80,000 small businesses so far–with only 29 million or so to go.” – Nav co-founder and CEO, Levi King
Like Levi said, we’re a long way from the mountaintop, but we built a nice head of steam last year. Our customer base grew by 10x, with more than 80,000 small business owners now using our platform to build their free business credit profile, and leveraging our personalized marketplace to connect to business financing based on their credit profile and needs, saving them time and money.
But, don’t take our word for it…
“Nav has provided me with tools and insight that made it easy to tackle my personal and business credit scores,” says Benjamin Snyder, Nav customer and founder of Snyder Technologies — a technology consultancy located in Bethlehem, Pennsylvania. “The experience is simple and informative. I have saved hundreds, if not thousands of dollars in time and wasted energy because of the advantage Nav has given me.”
Glad we could help, Ben. Small business owners deserve and need more of it.
According to the Federal Reserve Bank of New York, up to 72% of small businesses get turned down for bank loans. That stat stinks. However, Nav’s research shows small business owners who understand their business credit scores are 41% 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.
Small business owners who understand their business credit scores are 41% more likely to be approved when they apply for a business loan.
“Credit score and financing information can be confusing, especially for small business owners who have a ton on their plate and have to worry about both personal and commercial credit,” says King. “Nav’s platform uses technology and a user interface to synthesize complex financial data from five different credit bureaus and scoring companies into actionable, easy-to-understand information. Any business owner can spend a few minutes on our site and get steered in the right direction to improve their financial health, and seamlessly access capital. It doesn’t have to be difficult.”
We’ve made progress, but we’re always working to get better. Why else would we have Awesomizer Fridays? It used to be called Creative Fridays, but Awesomizer just sounded more…awesome. Every Friday, each employee gets to spend the day working on side projects with the goal of solving the big challenges small business owners face. Our exec team kicked off this initiative because they believe the best ideas will come from within, and not necessarily for the top down. Plus, they got us all tickets to the opening of Star Wars, so, yeah, working here doesn’t suck.
You may have also heard we recently changed our name from Creditera to Nav. I think you’ll agree that Nav is not only easier to pronounce, but better reflects our expanded mission to guide small business owners through the complexity of managing their financial health, particularly as viewed by lenders and other businesses. As part of the rebrand, we also introduced a full product redesign and acquired Fundastic.com, a leading business financing educational site. If you haven’t checked us out lately, take a look.
Here’s to to an even better 2016!
You can get more information on Forbes’ Fintech 50 here.
This article was originally written on December 18, 2015 and updated on July 18, 2016.
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