Nuula, a Toronto, Ontario, Canada-based fintech company focused on small businesses, raised $120m in funding.
The total is made up of:
- $20m in equity funding led by Edison Partners that will accelerate the brand’s launch and drive adoption of the Nuula mobile app, and
- $100m 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.
Led by Mark Ruddock, CEO, Nuula is a financial services and technology company providing real-time data and analytics, allowing small to medium-sized businesses to manage their cash-flow, monitor their credit ratings and user reviews, and more.
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. Beyond these tools, 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 app.
It will also soon unveil its plans to provide access to a range of innovative financial products within its ecosystem, including an on-demand line of credit for small businesses.