Tillful, a FinTech startup, focuses on modernizing business credit and cash flow insights for small and medium-sized businesses (SMBs), Nav said in a Monday (July 17) press release.
“At a time when financing options are tightening, Nav has built the only destination for businesses to find relevant and objective solutions for their specific needs,” Nav CEO Greg Ott said in the release. “With Tillful we saw the opportunity to bring on a strong data platform and categorization engine and a talented team who, like Nav, has empowered SMBs to make better financial decisions based on financial data.”
The acquisition and combination of both companies allows Nav to have the ability to integrate and categorize cash flow data, creating even more proprietary financial health scores for small business owners, according to the press release.
Nav’s second acquisition in the past year can help the company with developing the ability for small business to access the optimal loan they need, the release said. Nav creates a transparent atmosphere for small business owners, offering cash flow and credit insights, as well as suggested financing options for small business seeking the best loan for them.
“We have always respected Nav’s leadership in the small business financial health space,” Ken So, founder and former Tillful CEO and now Nav vice president of corporate development, said in the release. “We’re excited that our shared mission will uniquely make the credit ecosystem much more accessible to the Main Street small businesses who have been traditionally overlooked.”
This acquisition comes about six months after Nav bought small business finance app Nuula, saying the deal would add a number of mobile app features to its solutions for small business. Nav said at the time that the transaction would help it accelerate the development of its mobile app and “create a better tool for the underserved small business population” at a time when small business owners seeking financing face fewer options, higher rates and an opaque process.
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