Nav Technologies, Inc. | January 27, 2023
On January 26, 2023, Nav, the best financial solution for small businesses, announced its integration with Nuula's assets for building momentum, which will assist the economic platforms of small businesses.
This integration will add new mobile-friendly app features to the existing Nav platform, providing many financial options based on real-time data.
Due to economic fluctuations in the country, banks and financial partners have stopped sponsoring small businesses. However, this platform would assist them to survive and grow their financial needs at a lower price and with easy processes. With the help of Nuula's assets, Nav will provide applications with a credit report, cash flow, and financial updates to enable the business owner to evaluate its growth.
Greg Ott, CEO of Nav, says, "This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day." He adds, "I've been impressed by the caliber of Nuula's talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners."
(Source – Cision PR Newswire)
Former CEO of Nuula, Mark Ruddock, says, "Nuula and Nav both share a passion for helping small businesses succeed." He adds, "I look forward to seeing how Nav leverages Nuula's technology to extend Nav's already compelling product offering in exciting new ways."
(Source – Cision PR Newswire)
About Nav Technologies
With almost 1.7 million active users, Nav Technologies has helped over 200,000 small businesses to deal with their financial problems in 2022. The company has developed class flow insights, business formation, payroll, accounting services, integrated accounts, and curated insurance according to the users' financial objectives. With the acquisition of Nuula's assets, there has been an increase in its active users. More than 50% of its employees have previously worked with Nuula. It makes its users understand their business needs to outrank others, give personalized reports, and provide dedicated funding managers.
SmartBiz | January 20, 2023
On January 19, 2023, Sunflower Bank, N.A., announced the start of a new small business lending platform in collaboration with SmartBiz, the renowned artificial intelligence-powered small business financing platform. Through this new end-to-end online portal, small businesses within Sunflower Bank, N.A.'s branch network, will now have access to a smoother process to apply for conventional small business loans ranging from $25,000 to $350,000. Express Line loan products and small Business Administration (SBA) 7(a) will be accessible beginning in the second quarter of 2023.
Sunflower Bank provides financial solutions to the individual communities it serves. It offers a comprehensive array of banking services, including personal, small business, commercial, wealth management, credit cards, and mortgages. By utilizing SmartBiz's cutting-edge technology and seasoned small company loan specialists, Sunflower Bank, N.A. has increased efficiency and personalized assistance throughout the loan application and approval process.
Managing Director of Business Banking and SBA at Sunflower Bank, N.A., Matt Fitch stated, “SmartBiz aligns with our relationship banking approach, as well as our ambitious growth plans through its combination of technology and live support,” He further added “We are very excited to be able to meet the needs of more small business customers together and look forward to a long and productive partnership.”
(Source – Business Wire)
“Our mission at SmartBiz is to equip every entrepreneur with reliable access to the capital they need. We are thrilled to partner with Sunflower Bank, N.A. to ensure their clients can grow and strengthen their businesses with the right capital at the right time,” commented SmartBiz CEO Evan Singer.
(Source – Business Wire)
Headquartered in San Francisco and Austin, SmartBiz is a leading AI-powered small business financing platform, providing entrepreneurs access to the appropriate capital at the right time. It has connected borrowers with more than $9 billion in SBA 7(a), PPP, and bank term loans to date, all while enhancing efficiency for its network of banks and reliable lending partners. More than 230,000 entrepreneurs have used its platform to get the financing they need to develop, with 60% of the loans given to minority, women, or veteran-owned businesses. It is backed by Investor including Growth Capital, Venrock, Baseline Ventures, First Round Capital and Uncork Capital. In addition, it has been crowned American Banker's Best Fintech to work for on multiple occasions.
MANTL | January 30, 2023
Grasshopper Bank, the leading digital bank serving the business and innovation economy, recently announced a new partnership with MANTL, a renowned provider of account origination solutions, to achieve efficiencies that will better serve its SMB clients. Grasshopper Bank will utilize Commercial Deposit Origination by MANTL to enhance its digital deposit origination platform for businesses and provide a better client experience. The bank will also work with MANTL to establish an entirely automated online business loan origination solution, which is currently in development.
MANTL was chosen by Grasshopper Bank to improve and streamline its existing online business account opening process, enabling the bank to access new revenue streams and efficiently scale while providing best-in-class digital banking experiences to the SMB market.
The MANTL solution is entirely digital and automates up to 97% of application decisions, including customer and enhanced due diligence (EDD), to provide organizations with an intuitive, straightforward, and speedy digital onboarding experience. In addition, this collaboration will streamline Grasshopper Bank's document collection by eliminating manual processes and enabling business applicants to upload and examine documents digitally.
After assessing the available loan solutions on the market, including technology vendors that offer both loan and deposit origination, Grasshopper Bank decided to join MANTL to develop a brand-new digital business loan origination solution. This solution, which is expected to launch in the second half of 2023, will extend MANTL's product line and bring its high-performing and ROI-optimizing technology to the other side of the balance sheet, filling a crucial technology gap in the loans market. Key MANTL features for Grasshopper Bank include the ability to personalize the underwriting, intuitively manage risk thresholds and KYC, enhanced back-end data processing, and an industry-leading time to market.
Founded in 2016, MANTL is an enterprise SaaS firm that assists traditional financial institutions in modernizing and growing. The company's Commercial Deposit Origination is a first-of-its-kind solution that automates up to 97% of application decisions, reimagining account creation for businesses of all sizes. Its Consumer Deposit Origination is one of the market's fastest and most efficient solutions, allowing net-new prospects to open accounts in just 2 minutes and 37 seconds, enabling existing account holders to open additional accounts with a single click, and reducing fraud by up to 67%. In addition, its software transforms the cost structures of banks and credit unions, facilitating expansion that is up to ten times more cost-effective than opening a brick-and-mortar branch.