Nav Partners with Fundbox to Make it Easier for SMBs to Access Capital

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Mar 05, 2024, 08:53 ET

SAN MATEO, Calif., March 5, 2024 /PRNewswire/ -- Today, Nav, the leading financial health platform for small businesses, announced a partnership with Fundbox, the pioneer in AI-driven embedded working capital for SMBs.

Fundbox has connected with over 500,000 small businesses, both directly and through embedded relationships with platforms like Nav. Fundbox's API integrations and AI-powered underwriting enable a seamless experience for both platform partners and the small businesses they serve. Nav's platform combines its powerful algorithm with a user's business data to personalize financial health insights for small business owners. With the largest network of financial providers, Nav has helped more than 2 million businesses better understand their financial health and get access to leading capital providers like Fundbox.

The intersection of Nav's scoring model across 45+ data points and Fundbox's machine-learning innovations allows Fundbox to present pre-approved offers to Nav users, creating more certainty in underwriting decisions. For business owners, this means a much higher level of confidence when applying for a loan. The partnership also dramatically reduces friction in the application process, as Fundbox API integrations automatically ingest Nav's data to pre-fill the business's loan application. According to a recent Nav study, 56% of small businesses feel they spend too much time on researching funding options, with the average business owner spending 26 hours researching and applying for funds. With this new partnership, pre-approved business owners only need to confirm their information and submit their application to receive a credit decision.

"Small businesses have long struggled with a lack of transparency in their search for funding. Nav exists to introduce objectivity and relevance to an industry that typically benefits from being opaque." says Walt Levengood, VP of Revenue at Nav. "Our partnership with Fundbox helps to level the playing field for small businesses, and ultimately improves their ability to access capital. We are excited to partner with a company like Fundbox that shares our mission of making it easier for small businesses to succeed."

"Our partnership with Nav advances Fundbox's mission to empower the SMB economy by meeting the working capital needs of Nav's vibrant small businesses," says Anchit Singh, GM of Embedded Capital at Fundbox. "Through Fundbox APIs, cross-platform data sharing is seamless, enabling pre-approval offers for Nav merchants instantly and streamlining the application process to just a few steps."

The Fundbox pre-approval offers will be available to qualifying Nav users starting in March and will include lines of credit up to $150,000.

About Nav
Nav is the leading financial health platform for small businesses. By using real business data and proprietary scoring, Nav gives small business owners transparency in finding the right loan, credit card, banking and other business service options. Nav's unique financial health platform shows cash flow and credit insights alongside suggested financing options, and is the only place small business owners can see what financing they may qualify for before they apply. Nav's platform seamlessly integrates with other software and websites, making it the leading embedded finance solution for SMBs.

About Fundbox
Fundbox is the pioneer of embedded working capital for SMBs, leading the charge in best-in-class embedded finance offerings since 2015. Fundbox empowers the small business economy by offering fast, simple access to working capital through the digital tools businesses already use. Fundbox combines cross-platform data sharing through a robust API stack with AI-powered underwriting, resulting in a seamless experience for platforms and small business owners.

Media Contact
Jenny Beres
Pink Shark PR
941.993.7222
[email protected]

SOURCE Nav