Fintech One•On•One Fintech Revealed: Understanding Small Business Credit With Nav
Welcome back to the occasional series on the podcast called Fintech Revealed. This is a sponsored show where we take a deep dive into one topic with a couple of industry experts.
Today, we are focusing on small business credit with Levi King, the CEO of Nav and Gerri Detweiler, a credit expert and educational consultant. We provide listeners with a clear understanding of how small business credit reporting works and why it is so different to consumer credit. We talk about open banking and how cash flow underwriting helps more small businesses get approved for credit and at a lower rate.
Levi traces Nav's evolution from a credit data tracking platform to a comprehensive financial health solution that now facilitates embedded lending through partners like Fundbox, while Gerri emphasizes the educational mission of helping business owners understand their business credit profile and why scores that can vary wildly between bureaus.
Both express optimism about the future of small business lending, particularly the rise of embedded financing that leverages diverse data sources from vertical SaaS platforms and the shift in lender attitudes from "extracting a pound of flesh" to genuinely advocating for small business success.
In this podcast you will learn:
- How Nav has evolved since I last had Levi on the show in 2017.
- The types of small businesses that are coming to Nav.
- The main differences between a business and personal credit report.
- How Nav works with partners today.
- What they are doing to help small business owners get educated.
- What it takes to become a Nav partner today.
- How they integrate the huge number of small business data sources.
- What it is like convincing small business owners to connect their bank data.
- How cash flow underwriting is change the game for small business lending.
- How they are using AI to analyze the myriad data sources.
- Some of the surprising insights they have gleaned from this data.
- What trends they are seeing that contradict conventional wisdom.
- What needs to happen next to move the industry forward.
- Why they are optimistic about where the industry is headed.
Connect with Fintech One-on-One:
- Tweet me @PeterRenton
- Connect with me on LinkedIn
- Find previous Fintech One-on-One episodes