Intelligent financing platform Nav Technologies has partnered with Marcus by Goldman Sachs to bring lines of credit with fixed rates, no origination or maintenance fees and a fully digital experience to small business owners, according to a recent joint press release.
Nav uses a machine learning platform to offer clients a suite of financing options.
“This collaboration with Marcus by Goldman Sachs highlights our ability to use advanced AI to pair business owners with some of the best available lending options,” said Greg Ott, CEO of Nav, in the joint press release. “We are committed to serving the small business community by increasing their available options and improving transparency around decisions that impact their success.
“Adding lines of credit through Marcus to our platform allows us to better serve businesses by increasing their access to capital,” he said.
Marcus by Goldman Sachs is Goldman Sachs’ digital banking platform that uses partners to offer business financing. Marcus also offers products that target customers’ spending, borrowing, saving and investing needs.
Its collaboration with Nav will allow qualified small businesses on Nav’s platform to apply for Marcus by Goldman Sachs lines of credit with fixed rates through a digital portal.
“Marcus serves a large pool of small businesses through a series of existing partnerships,” said Abhinav Anand, head of lending at Marcus by Goldman Sachs. “Our partnership with Nav will help us continue to bring innovative products to additional small businesses.”
Related: Study Pinpoints 6 Key Areas Ripe for Payments Overhaul
Businesses considering payments modernization typically identify six common areas that need a new modern approach to AP/AR, according to “The Future Of Business Payables Innovation,” a PYMNTS and Plastiq collaboration, based on a survey of 500 SMBs and payables and receivables executives with SMBs as clients.
From accounts payable (AP) and accounts receivable (AR) tracking to ensuring that liquidity strategies are optimized for scale, integrating the latest payments technology into a financial management strategy can be a daunting task at small- to medium-sized businesses.
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