Nuula, a Canadian Fintech company focused on small businesses, today announced $120 million in new funding. The total consists of $20 million in equity funding led by Edison Partners and a $100 million credit facility provided by funds managed by the Credit Group of Ares Management. Edison Partners’ contribution will help accelerate Nuula’s launch and drive adoption of its mobile app while the credit facility will help scale the app’s integrated product features.
The company’s goal is to provide small business owners with access to content, critical business metrics and financial products that can help their businesses. The app, which launched in June, offers real-time monitoring of cash flow, personal and business credit activity, and social ratings and reviews.
“Significant innovations have transformed consumer financial services in the past decade. Small business financial services, however, has lagged this revolution, and a new generation of small business owners are frustrated with that gap,” said Mark Ruddock, CEO at Nuula. “Today marks the beginning of Nuula’s journey to reinvent small business financial services, by providing entrepreneurs with instant access to the content, the tools and the capital to power their business from the palms of their hands.”
“We are excited to be working with Nuula as they build a unique financial services resource for small businesses and entrepreneurs,” said Jeffrey Kramer, partner and head of ABS in the Alternative Credit strategy of the Ares Credit Group. “The evolution of financial technology continues to open opportunities for innovation and the emergence of new industry participants. We look forward to seeing Nuula’s experienced team of technologists, data scientists and financial service veterans bring a new generation of small business financial services solutions to market.”
“Innovations in financial technology have largely democratized who can become the next big player in small business finance,” added Gary Golding, general partner at Edison Partners. “By combining critical financial performance tools and insights into a single interface, Nuula represents a new class of financial services technology for small business, and we are excited by the potential of the firm.”
Beyond the tools included at launch – cash flow forecasting, personal and business credit score monitoring, and customer sentiment tracking – Nuula will shortly be adding the capability for small business owners to monitor other critical metrics including financial, payments and e-commerce data, all from the convenience of the Nuula app.
Nuula will also soon unveil its plans for an on-demand line of credit.