Business financial management app Nav that helps small business find the 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 made two major announcements. First, an integrated, multi-year partnership with Clover to deliver US-based Clover users access to their free business credit scores, as well as custom-tailored business financing and credit card options.
Second, 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.