Experian® and Nav Partner to Provide Transparency and Financial Access to Millions of Small Business
COSTA MESA, Calif. and SAN MATEO, Calif., Sept. 21, 2016 /PRNewswire/ -- Experian®, the leading global information services company, and Nav, the only free source for both personal and business credit scores, today announced a strategic partnership to provide small businesses greater transparency into their business and personal credit data, along with instant access to their most-qualified financing options based on their credit profile. This new and free approach saves small businesses valuable time and money, helping to fuel economic growth in one of America's most important sectors.
"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," says Hiq Lee, president of Experian's Business Information Services. "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."
Transparency, Education and Streamlined Financing
Despite being a significant economic driver, 72 percent of small businesses1 get turned down for traditional loans. Moreover, the average Annual Percentage Rate for an alternative loan is 94 percent. If small businesses are really going to thrive in America, business owners need to know how to qualify for—and get connected to—funding they can afford.
By working together, Experian and Nav are able help small businesses do this by leveraging Experian's deep levels of data on consumers and businesses and Nav's technology platform, which is already used by more than 150,000 small business owners. The new collaboration will provide business owners with the personal and business credit data lenders use to evaluate them, actionable tools to help improve their business profiles, and an algorithm that matches them to their most-qualified funding options based on their actual data before they apply – all quickly and easily within a secure environment.
"Partnering with Experian strengthens our commitment to small businesses and is a validation of our mission," says Levi King, CEO and co-founder of Nav. "By empowering small businesses with the technology to improve their credit and streamline access to financing, Nav and Experian can help fuel small business success, dreams and economic growth."
Nav recently completed its series B funding of $25 million from existing investors and new investors including Experian. Experian is the lead investor in the round and will also secure a seat on Nav's Board. Financial Technology Partners LP served as exclusive strategic advisor to Nav in this transaction.
About Experian's Business Information Services
Experian's Business Information Services is a leader in providing data and predictive insights to organizations, helping them mitigate risk and improve profitability. The company's business database provides comprehensive, third-party-verified information on virtually all U.S. companies, with the industry's most extensive data on the broad spectrum of small and midsize businesses.
By leveraging state-of-the-art technology and superior data-compilation techniques, Experian provides market-leading tools that proactively support the entire credit life cycle, enabling our clients to find new customers, process new applications, manage customer relationships and collect on delinquent accounts.
