At Nava Ventures, our mission is to empower our customers to live their best financial life.
About NAVA Ventures
Nava Ventures is a software as a service (SaaS) company that offers an ecosystem of socially responsible fintech products for credit unions. Our products assist with member retention, engagement, and liquidity. We help credit unions compete with big banks.
Location: Vancouver
Year Founded: 2018
Vertical: Digital Banking / Analytics / Infrastructure
Employees: 1 – 10
Website: navaventures.io
Social Media:
Problem
Credit unions have gotten used to baby boomers never moving their funds and have failed to increase technological innovation. As the baby boomers age, they leave over $30 trillion dollars to the younger generations. This next generation isn’t like the baby boomers. They switch from financial institutions based on technological innovation and social impact. Some big banks anticipated the generational wealth transfer and did a better job over the years to try and innovate. Credit unions, however, got left behind and continue losing members daily to the big banks. We have interviewed credit union executives and they agreed that it is difficult to recruit tech talent to build solutions in-house and create a sticky ecosystem to help their members achieve financial wellness.
Core Benefits
At Nava Ventures, we are going to offer an ecosystem of sticky socially responsible products that will help both credit unions and their members. These products include BI tools, rewards, money transfer, loans, and investments. meetNavi is our market entry product for credit unions. It empowers members to make socially responsible financial decisions. Credit union executives have told us that they see deep value in meetNavi and can see it helping with their member financial wellness, retention, engagement, and help increase liquidity. meetNavi is different from competitors because it uses machine learning to provide personalized guidance to credit union members. Another key component of our app is that it is social and invites member-to-member collaboration.
We have user tested meetNavi at every stage and have some remarkable quotes to show for it:
– “Other banks don’t have anything like this.”
– “I love this! It feels like you’re using Fitbit. I would definitely use it. Is it ready to use right now?”
Ideal Customers
We follow a B2B2C model. Our ideal customers are financial Institutions (Credit Unions/Banks).
Milestones
- 2 Partnered with FrontFundr to launch crowdfunding round (see our website for details)
- 2 LOIs from credit unions in BC
- Winners of Startup Canada SDG Pitch Competition 2020 for Poverty Reduction
- Winners of BoomStartup Global Pitch Competition for Finance
- Top 24 Finalist at the OKGN Summit
- SFU Venture Connection Coast Capital Venture Prize Finalists (Digital Platform Category)
- Startup Pre-revenue 100%
- Startup Post-revenue $1 – $2M 0%
- Scaleup $2M – $10M 0%
- Scaleup $10M+ 0%
Problem
Credit unions have gotten used to baby boomers never moving their funds and have failed to increase technological innovation. As the baby boomers age, they leave over $30 trillion dollars to the younger generations. This next generation isn’t like the baby boomers. They switch from financial institutions based on technological innovation and social impact. Some big banks anticipated the generational wealth transfer and did a better job over the years to try and innovate. Credit unions, however, got left behind and continue losing members daily to the big banks. We have interviewed credit union executives and they agreed that it is difficult to recruit tech talent to build solutions in-house and create a sticky ecosystem to help their members achieve financial wellness.
Core Benefits
At Nava Ventures, we are going to offer an ecosystem of sticky socially responsible products that will help both credit unions and their members. These products include BI tools, rewards, money transfer, loans, and investments. meetNavi is our market entry product for credit unions. It empowers members to make socially responsible financial decisions. Credit union executives have told us that they see deep value in meetNavi and can see it helping with their member financial wellness, retention, engagement, and help increase liquidity. meetNavi is different from competitors because it uses machine learning to provide personalized guidance to credit union members. Another key component of our app is that it is social and invites member-to-member collaboration.
We have user tested meetNavi at every stage and have some remarkable quotes to show for it:
– “Other banks don’t have anything like this.”
– “I love this! It feels like you’re using Fitbit. I would definitely use it. Is it ready to use right now?”
Ideal Customers
We follow a B2B2C model. Our ideal customers are financial Institutions (Credit Unions/Banks).
Milestones
- 2 Partnered with FrontFundr to launch crowdfunding round (see our website for details)
- 2 LOIs from credit unions in BC
- Winners of Startup Canada SDG Pitch Competition 2020 for Poverty Reduction
- Winners of BoomStartup Global Pitch Competition for Finance
- Top 24 Finalist at the OKGN Summit
- SFU Venture Connection Coast Capital Venture Prize Finalists (Digital Platform Category)
- Startup Pre-revenue 100%
- Startup Post-revenue $1 – $2M 0%
- Scaleup $2M – $10M 0%
- Scaleup $10M+ 0%