What's happening? Nave Bank, the first digital bank created in Puerto Rico, reached more than $300 million in assets within two years of launching in late 2023, operating from its offices in Santurce with a team of more than 45 professionals.
This growth represents, according to the institution, a consolidation as a fast-growing and solid bank on the Island.
"It reflects the trust our clients have placed in us and our team's effort to develop proposals that truly address the needs of businesses," Carlos M. García, president and chief executive officer of Nave Bank, said in a statement.
Why does it matter? The milestone is significant for an institution that, from the start, has focused on being a strategic partner for corporate businesses. Now it also wants to support small and midsize merchants in Puerto Rico, a key pillar of the local economy.
The goal is "to continue offering services to the full range of business sizes in Puerto Rico, while also focusing on access to capital for small businesses," Jesús Arroyo, the bank's marketing manager, told Platea.
To that end, Nave has advanced initiatives designed to give businesses greater access and efficiency. Among them:
Competitive interest rates, which help clients maximize the return on their deposits in a straightforward way.
A digital payments and capital management platform, which allows small and midsize merchants to run their operations efficiently.
Loans designed to provide the liquidity needed to invest, expand and take a business to the next level.
The bank has also formed partnerships with organizations including the Centro Unido de Detallistas (CUD), Project Makers, and the municipalities of Bayamón and Caguas, through which it projects reaching more than 5,000 merchants directly.
Benefits for retailers
Specifically with the CUD, Nave Bank became the primary partner bank for the trade organization, Arroyo said. The collaboration includes access to benefits for CUD members through the bank's digital platform, including fully online processes for applying for loans, lines of credit or deposit products, as well as commercial banking training and in-person connections with Nave Bank at events.
The model is being replicated at the municipal level. In Bayamón, during the summer, Nave Bank held a multi-day event where it connected with business owners in person to facilitate access to capital through digital platforms where they could complete applications online.
What are their expectations?
In the coming months, Arroyo said, Nave Bank expects to expand its collaborations with small and midsize businesses and broaden its partnerships with other municipalities, starting with Caguas.
"Our goal is to work directly with municipalities, since they know their business community and that way we can find the best way to support their growth," Arroyo said.
How to connect with Nave Bank
Business owners can explore services at navebank.com or contact the team at negocios@navebank.com. Nave Bank is insured by the FDIC and regulated by the Federal Reserve Bank and the Office of the Commissioner of Financial Institutions of Puerto Rico.
Nave Bank, like PlateaPR, is part of Forward, an innovation and technology platform dedicated to advancing Puerto Rico, co-founded by Red Ventures CEO Ric Elías.
This content was translated with the assistance of Artificial Intelligence (AI).
