US-based small-business financing provider Nav increased a series B round featuring credit data provider Experian to $38m yesterday, adding $13m from investors including online wealth management and financing company CreditEase.
Investment banking firm Goldman Sachs’ Principal Strategic Investments unit led the second tranche, which included Point72 Ventures and Clocktower Technology Ventures, while CreditEase’s participation came through its Fintech Investment Fund.
Founded in 2012 as Creditera, Nav provides financing and credit lines to a customer base of about 200,000 small business owners. The series B funding will support an initiative to attract more businesses to the platform while expanding the range of services it offers.
Experian led the first tranche of Nav’s series B round, which closed in September 2016, investing as part of a strategic partnership that combined small-business financing with insight into each client’s credit data.
Rana Yared, managing director at Goldman Sachs Principal Strategic Investments, will join Nav’s board of directors as an observer.
Venture capital firm Kleiner Perkins Caufield & Byers led Nav’s $6.5m series A round in 2014, back when it was still known as Creditera, with contributions from investors including Peak Ventures. Its seed funding was raised from backers including Kickstart Seed Fund.