Nav, Enova Team on Instant SMB Financing

Nav Technologies, the financing platform allowing small businesses to compare financing, is expanding its relationship with Enova SMB, which will allow small businesses more access to capital, a Wednesday (Feb. 9) press release said.

The partnership will include Enova International’s small business funding brands, OnDeck and Headway Capital.

The release said Nav will now be able to offer instant lines of credit, with the funds available by the next business day.

The release noted the difficulty some business owners face in finding proper financing, which can lead to lost time and rejections.

Nav, through the partnership, is touting its ability to combine customer business data with its lender network to provide the financing and simplify things, the release said.

“Our expanding partnership with Enova SMB is continued evidence of Nav’s mission to create better, easier financing options,” said Walt Levengood, Nav VP of sales and business development. “Until now, small businesses were left victim to the highest bidding lender on Google or led to blindly accept the one option presented by a closed system provider. By capturing the customer data lenders need in advance, Nav is uniquely positioned to provide access to the first instant financing offers in an open environment. This means small business owners can now evaluate loan options with more certainty and confidence.”

In other news about instant payments, Africa has been moving into new waters with an instant payment system, the Pan-African Payment Settlement System (PAPSS), which will help to facilitate cross-border transactions and streamline things by not requiring other currencies or banks, as was the case previously.

Related: Lenders Use Automation, Data and Payments Tech to Shorten Approval, Payout Process

It was developed by African Export-Import Bank in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat.

Its goal will be to overhaul the payments infrastructure and make a cross-border network to cut out soliciting for hard currency and delays in transacting.