As part of its series on [B2B Fintech], Techfoliance is proud to introduce you Nav: the modern way for businesses to manage their business credit profile and access financing.
Reports show that 2017 will be the year for the rise of B2B Fintech with more and more start-ups now positionning on a B2B model in the investments space, asset management, crowdfunding or payment sector, according to a recent study published by Roland Berger.
As a result, Techfoliance will introduce you B2B Fintech start-ups that you may have never heard of but yet well positioned to shake the financial industry.
Nav: business credit and financing
Nav is a Californian-based fintech startup that helps business owners build, protect, and leverage their credit data. Founded in 2012, Nav is the modern way for business owners to manage their business credit and get streamlined access to financing. Its founders, Levi King and Caton Hanson, are lifelong friends and entrepreneurs. They were inspired to create Nav after their own experience dealing with the complexities of business financing.
Nav wants to significantly reduce the default rate of small businesses by bringing transparency, certainty, and efficiency to B2B commerce and financing. Its mobile app gives free access to easy-to-read personal and business credit reports and monitoring. It also provides tools to build business credit and a marketplace that matches users to lending options based on their approval odds. It all makes it much easier for business owners to get affordable funding, lowering costs and saving time.
The app is already used by more than 200,000 small business owners. Levi King’s ambition is to reach the 1M users in the next 2 years. As of today, the company has partnered with more than 50 of the top business lenders and credit cards. It has offices in Salt Lake City.
According to the Federal Reserve Bank of New York, up to 72% of small businesses are rejected for bank loans. Nav’s research shows that small business owners who understand their business credit scores are 41% more likely to be approved when they apply for a business loan. The survey also showed nearly one quarter of business owners who were turned down for a loan didn’t know why they were denied.
Nav’s business model is innovative and is a combination of personnal and business credit data lenders (BtoB and BtoC). In 2015, the start-up was named on Forbes’ Fintech 50 list. In 2016, it raised $25M in Series B Funding.
Its ambition is to become a market leader in America. It regularly works with the U.S. Small Business Administration and local Small Business Development Centers to host educational presentations and webinars.