Nav (company)

Nav
Typeprivate
IndustryFintech
Founded2012
FoundersCaton Hanson and Levi King
HeadquartersSalt Lake City
San Mateo, California
Websitewww.nav.com

Nav is an American fintech company.

History

Nav was founded in 2012 by Caton Hanson,[1][2] and Levi King[3] in Salt Lake City. It next opened an office in San Mateo, California.[4] It was originally known as Creditera.[5] The president of the company is Greg Ott,[6] with Levi King serving as CEO.[7] The company was established to give small business owners access to their business credit scores.[8] By January 2018, Nav had facilitated about twenty thousand credit approvals.[9]

Business

The Nav marketplace houses about one hundred financial products, including business loans and credit cards.[3] Products can use either a company credit score or personal credit score in qualifying for credit.[1] The company also uses artificial intelligence.[10] Its platform is also used to manage SME financial data with a target of accessing working capital, and provides credit scores.[11]

Funding

In 2015 the company received $6.5 million in funding,[8] and acquired the company Fundastic.[5] In 2017 the company received $37.7 million in venture capital funding in a round led by Goldman Sachs.[4] In 2019, Nav received an additional $45 million in funding,[12] in a round led by Goldman Sachs, Point72 Ventures, and Experian Ventures.[3]

Recognition

In 2018 Nav appeared on the Entrepreneur 360 list at number 29.[13]

COVID-19

Nav is now guiding individuals through COVID-19 related loans and applications are available for completion on their website.

References
  1. "Optimism Won't Keep Small-Businesses Thriving, Credit Will - Kivo Daily". MSNBC.
  2. "With New Funding In Tow, Lendio And Creditera Are Helping Small Businesses Secure Loans And Avoid Bad Credit".
  3. February 2019, 13th. "Goldman Sachs leads $44m funding in US business credit start-up Nav". FinTech Futures.
  4. "Nav raises $13 million to help small businesses with credit scores".
  5. Rawle, Chris (12 July 2016). "Creditera Re-Brands as Nav, Acquires Fundastic". Beehive Startups.
  6. Raymond, Art (12 February 2019). "Small business credit startup Nav scoops $44 million in fresh funding". DeseretNews.com.
  7. PYMNTS (25 October 2018). "Nav, Clover Pair To Bring Small Firms Their Credit Scores".
  8. "Creditera raises $6.5 million; launches free SMB consulting".
  9. "Online Marketplace Lender Nav Facilitated More Than 20,000 Small Business credit Approvals in 2017". Crowdfund Insider. 11 January 2018.
  10. "Top Workplaces - Nav".
  11. "Business Financial Management App Nav Secures $44 Million During Series C Funding Round Led By Goldman Sachs". Crowdfund Insider. 11 February 2019.
  12. "Small-business fintech Nav raises $45 million". American Banker.
  13. "The Best Entrepreneurial Companies in America". Entrepreneur.
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