Nav, a 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 on Monday it secured $44 million through its Series C funding round, which was led by Goldman Sachs Principal Strategic Investments with participation from Point72 Ventures, Experian Ventures, Aries, and CreditEase Fintech Investment Fund.
Founded in 2012, Nav describes itself as a venture-backed fintech company that helps business owners manage their financial data to get more funding, lower their costs and save time. The company reported it provides free access to credit reports and scores specifically for small business owners, including both business and personal credit reports, cash-flow analysis, tools to help business credit, and a marketplace with more than 100 financing products, plus credit cards. While sharing more details about the platform, Levi King, Co-Founder and CEO of Nav, stated:
“Imagine a single platform that uses data to anticipate and deliver all of a small business owner’s financial needs. 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.”
Rana Yared, Managing Director in the Goldman Sachs Principal Strategic Investment group, also commented:
“We are pleased Goldman Sachs led this round of funding. 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.”
Nav added it plans to use the funds from the round to expand enterprise partnerships, introduce more small business owners to its platform and drive additional data insights for its customers