FinTech doola scores $8m in funding raise


doola, a New York-based FinTech, has raised $8m in a funding round headed by Nexus Venture Partners.

Also taking part in the financing raise was investor Y Combinator Community Fund as well as others.

doola helps users form and run their US business from anywhere, fast, and in just a few clicks.

The company handles LLC formation and helps users get set up with a US bank account, a US mailing address, a US business phone number, a US tax filing and a US business bank account amongst other things.

According to the firm, the new fundraise comes right after a profitable year and the launch of doola Banking — an accessible way for LLCs around the globe to bank and build credit in the US. This sparks a new era for the company as the company focuses on democratising access to the US financial ecosystem for all.

Doola CEO Arjun Mahadevan said, “doola is not just a formation service – we’re a fintech company. By providing adjacent financial tools designed to help emerging companies grow more efficiently, doola is the fuel these businesses need. Growing doola’s team will allow us to launch new products and iterate on existing products.

“We let data, customer feedback, and demand drive our product innovation. We are excited for this next stage of growth for our company. Our work at doola is far from complete; we’re just getting started. It’s just the tip of the global iceberg for us.”

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