Nuula, a fintech company focused on small businesses, secured $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 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,” Mark Ruddock, CEO at Nuula, said. “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,” Jeffrey Kramer, partner and head of ABS at Ares Credit Group, said. “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,” Gary Golding, general partner at Edison Partners, said. “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.”