Nuula, a Canadian mobile application that gives small business owners instant access to critical business metrics, announced that it has raised US$120 million.
The total funds secured are US$20 million in equity funding led by Edison Partners that will accelerate the brand’s launch and drive adoption of the Nuula mobile app.
Meanwhile, the remaining US$100 million credit facility was provided by funds managed by the Credit Group of Ares Management Corporation that will provide scale to the app’s integrated credit product.
Nuula will soon 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.
The company also unveiled its plans to provide access to a range of innovative financial products within its ecosystem, including an on-demand line of credit that will enable small businesses to access the capital they need to thrive.
“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.”
said Mark Ruddock, CEO at Nuula.
This article first appeared on Fintech News Switzerland.
