FinTech News
Small Business FinTech Platform Nav Acquires Tillful
Two FinTechs focused on small business finance are joining forces following an acquisition.
About the acquisition:
This week, the small business financial health tool Nav announced that it was acquiring Tillful. As a result of the deal, the company says it will be able to accelerate the development of its data platform as well as its “product roadmap. With the transaction, many of Tillful’s team members will be joining Nav. This includes Tillful CEO Ken So, who will serve as VP of Corporate Development.
Notably, this acquisition marks the company’s second in less than a year following its purchase of Nuula assets in January.
About Tillful and Nav:
Tillful is a business credit startup founded in 2020. Specifically, the FinTech aims to modernize business credit and offers small business owners a credit card that can help them increase their scores. Plus, the service includes complimentary access to Experian business credit scores.
As for Nav, their platform helps small businesses better understand their financial health as well as assist them in finding the right financial products. This includes allowing them to view financial options they may qualify for even before they apply. Additionally, the embedded solution can be integrated into other platforms, software, and website.
What they’re saying:
Commenting on Nav’s mission, the company’s CEO Greg Ott stated, “Nav delivers an unparalleled financial health experience for small businesses when they need it the most. 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.”
Ott continued, noting what the acquisition will mean for the service, “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.”
On the other end of the transaction, So said of joining Nav, “We have always respected Nav’s leadership in the small business financial health space. 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.”
My thoughts:
Looking at what these two companies offer, it makes sense that they’d work well under one roof. Not only could this acquisition serve to benefit the two startups but will hopefully also be a boon to small business owners. For that reason, these transaction seems to be a win all around.
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