US-based financial management app developer Nav collected $44.8m yesterday in a series C round that included credit scoring service Experian and online lending platform CreditEase.
The round was led by Goldman Sachs Principal Strategic Investments, investment banking firm Goldman Sachs’ venture capital unit, and featured participation from venture firm Point72 Ventures and investment firm Aries Capital Partners.
Experian and CreditEase took part in the round through strategic investment units Experian Ventures and CreditEase Fintech Investment Fund. Rana Yared, managing director of Goldman Sachs Principal Strategic Investment group, has moved from observer to full director on Nav’s board.
Founded in 2012, Nav has built an online platform that enables small businesses to access personal and business credit reports for free.
The company also provides monitoring tools and a marketplace that allows users to find and apply for financing products such as loans and credit cards. Capital from the round will be used to expand its partnerships and bolster its technology.
Levi King, Nav’s co-founder and chief executive, said: “Imagine a single platform that uses data to anticipate and deliver all of a small business owner’s financial needs.
“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 are doing legwork for lenders by matching them to the most appropriate candidates.”
Nav closed a $38m series B round in May 2017 after raising $13m in an extension led by Goldman Sachs and backed by CreditEase Fintech Investment Fund, Point72 Ventures and Clocktower Ventures.
Experian had led the $25m first tranche the previous year, investing alongside internet group Tencent, Crosslink Capital and unnamed additional investors. Venture capital firm Kleiner Perkins Caufield & Byers led the company’s $6.5m series A round in 2014.