Small business credit reporting and financing startup Nav is boosting the size of its Series B round with a fresh $13m investment.
Goldman Sachs led the expansion round with CreditEase Fintech Investment Fund, Point72 Ventures and Clocktower Technology Ventures.
The additional funding takes the California-based businesses’ Series B round from $25m to $38m.
The company aims to allow small business owners to access their credit reports and capital. It counts more than 200,000 clients on the platform.
Nav co-founder and CEO Levi King explained: “Our model is solving the access to capital problem in a modern way.
“We’re using data to help business owners understand their financial health and dramatically simplify the process of borrowing money and getting credit.”
As a result of its strategic investment in the firm Goldman Sachs Principal Strategic Investments group managing director Rana Yared will join Nav’s board as an observer.
He commented: “Nav’s access to unique data introduces a new level of ease and transparency to small business credit and finance.
“We’re excited to support Nav’s efforts to empower small business owners and help them scale their platform.”
The extension of its Series B round takes Nav’s total funding to $54m.
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