Nuula, which helps companies manage their cashflow, has collected $120m in a funding round comprised of debt and equity.
Edison Partners led the $20m equity injection and the $100m credit facility was supplied by the credit group of Ares Management Corporation. It hopes this will enable it to scale its integrated credit product.
The company is looking to launch tools to help small business owners monitor other critical metrics, including financial payments and e-commerce data.
Nuula was founded in 2021 and offers small business owners with insightful content critical business metrics and financial products to power their operations.
The Canadian company launched its mobile app in June 2021. Its app providers real-time monitoring of cash flow, personal and business credit activity, and social ratings and review. Clients using the app can instantly know when there is an issue with cash, credit or reputation.
Its current tool suite includes cash flow forecasting, personal and business credit score monitoring and customer sentiment tracking.
Nuula is soon to announce a new plan that will give access to a range of innovative financial products within its ecosystem, including a revolutionary on-demand line of credit.
Nuula CEO Mark Ruddock said, “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.
“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.”
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