Financial information services firm Experian has led a $25m series B round for US-based personal and business credit report provider Nav and will take a seat on the company’s board.
Nav operates an online platform that provides personal and business credit reports as well as business credit building features and a financing marketplace that helps small businesses secure funding. Its customer base includes more than 150,000 small business owners.
The other participants in the round were undisclosed new and existing investors. Experian made the investment as part of a strategic partnership agreement that will leverage Experian’s data capabilities to help businesses get greater insight into their credit and access suitable financing options.
Hiq Lee, president of Experian’s Business Information Services, said: “Together, Experian and Nav empower business owners by providing deep insight into their credit profiles, which enables greater access to capital and helps them uncover new growth opportunities.
“Working with Nav is a natural fit, because they share our commitment to providing the education resources and innovative tools that small businesses need to successfully manage their financial well-being and improve their bottom line.”
Nav raised $6.5m in a 2014 series A round, back when it was still known as Creditera. That round was led by Kleiner Perkins Caufield & Byers and included Peak Ventures. It had previously received $650,000 from Kickstart Seed Fund and Rock & Hammer Ventures.
Financial Technology Partners acted as strategic advisor to Nav for the series B round.