Nuula, a fintech company focused on small businesses, announced $120 million in new funding. The total is made up of $20 million in equity funding led by Edison Partners that will accelerate the brand's launch and drive adoption of the Nuula mobile app, and a $100 million credit facility provided by funds managed by the Credit Group of Ares Management Corporation that will provide scale to the app's integrated credit product.
Nuula's vision is to provide small business owners with access to a blend of insightful content, critical business metrics and innovative financial products that can help power their businesses, anytime and anywhere. The initial launch of the company's mobile application in June 2021 delivers real-time monitoring of cash flow, personal and business credit activity, and social ratings and reviews. With Nuula, small business owners will know immediately if there's an issue with their cash, credit, or reputation that requires action.
"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," said Gary Golding, General Partner, 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 eCommerce data, all from the convenience of the Nuula app.
Nuula will also soon unveil its plans to provide access to a range of innovative financial products within its ecosystem, including a revolutionary on-demand line of credit that will enable small businesses to access the capital they need to thrive.