Nav and Fundbox Partner on Funding Options for Small Businesses

Nav has partnered with Fundbox to ease the way for small and medium-sized businesses (SMBs) to access capital.

This collaboration aims to help SMBs navigate financial procurement with greater assurance and less hassle, the companies said in a Tuesday (March 5) press release.

Nav is a platform for SMBs to enhance their financial health, according to the release. With its algorithm that uses more than 45 data points and the user’s business data, Nav crafts personalized financial health insights and introduces small business owners to a broad network of financial providers.

To date, Nav’s platform has guided more than 2 million businesses, helping them understand their financial health and connecting them with capital sources, including Fundbox, the release said.

Fundbox provides artificial intelligence (AI) embedded working capital solutions for SMBs, per the release. Having already fostered connections with over 500,000 small businesses — either directly or through integrations with platforms like Nav — Fundbox aims to provide ease and efficiency in the financial sector.

Its application programming interface (API) integrations and AI-powered underwriting process promise a frictionless experience both for partners and the SMBs they serve, ensuring swift and reliable financing options, the release said.

The synergy between Nav’s scoring model and Fundbox’s machine-learning now means Fundbox’s preapproved offers can swiftly be presented to Nav’s users, according to the release.

This enhances certainty in underwriting decisions and boosts confidence among business owners seeking loans, the release said. Moreover, the API integrations between Nav and Fundbox expedite the application process by prefilling the business’s loan application with Nav’s data.

The partnership aims to cut down the time spent researching and applying for funding options by offering preapproved business owners the opportunity to confirm their information and submit their applications promptly, expecting a credit decision shortly thereafter, per the release.

Commencing in March, the collaboration is set to unveil preapproval offers to qualifying Nav users, which include lines of credit up to $150,000, the release said.

In another recently announced partnership Nav said in February that it partnered with payroll platform Gusto to help small businesses find funding. In that collaboration, Gusto clients can build business credit and tap into Nav’s network of over 160 different financing options.