Nuula Secures $120 Million in Funding to Reinvent Financial Services for Small Businesses
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Backed by Edison Partners and a credit facility provided by funds managed by Ares Management Corporation, Nuula is a mobile-first financial services platform for the next generation of small business owners.
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TORONTO, Sept. 9, 2021 /PRNewswire/ -- Nuula, a fintech company focused on small businesses, today announced $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 Corporation ("Ares") 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," said Mark Ruddock, CEO at Nuula. "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," said Jeffrey Kramer, Partner and Head of ABS in the Alternative Credit strategy of the Ares Credit Group. "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," said Gary Golding, General Partner, Edison Partners. "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."
Beyond the tools included at launch - cash flow forecasting, personal and business credit score monitoring, and customer sentiment tracking - 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 convenience of the Nuula app.
Nuula will also soon unveil its plans to provide access to a range of innovative financial products within its ecosystem, including a revolutionary on-demand line of credit that will enable small businesses to access the capital they need to thrive.
Nuula is building the future of small business performance. Launched in 2021, Nuula is a financial services and technology company focused on serving the small to medium-sized business community. Nuula provides real-time data and analytics, allowing businesses to manage their cash-flow, monitor their credit ratings and user reviews, and more. Nuula is an advocate of financial inclusivity and a proud partner to Kiva to create economic and social good. To learn more about Nuula, visit www.nuula.com.
About Edison Partners
For 35 years, Edison Partners has been helping CEOs and their executive teams grow and scale successful companies. The firm's investment team brings extensive investing and operating experience to each investment. Through a unique combination of growth capital and the Edison Edge platform, consisting of operating centers of excellence, the Edison Director Network, and executive education programs, Edison employs a truly integrated approach to accelerating growth and creating value for businesses. A team of experts in enterprise solutions, financial technology, and healthcare IT sectors, Edison targets high-growth companies located outside Silicon Valley with $10 to $30 million in revenue; investments also include buyouts, recapitalizations, spinouts and secondary stock purchases. Edison's active portfolio has created aggregated market value exceeding $10 billion. Edison Partners is based in Princeton, NJ and manages more than $1.4 billion in assets.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of June 30, 2021, including the acquisition of Black Creek Group which closed July 1, 2021, Ares Management Corporation's global platform had approximately $262 billion of assets under management, with approximately 2,000 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com. Follow Ares on Twitter @Ares_Management.
About Ares Alternative Credit
Ares' Alternative Credit strategy focuses on direct lending and investing in assets that generate contractual cash flows and fills gaps in the capital markets between credit, private equity and real estate. Ares Alternative Credit targets investments across the capital structure in specialty finance, lender finance, loan portfolios, equipment leasing, structured products, net lease, cash flow streams (royalties, licensing, management fees), and other asset-focused investments. Co-Headed by Keith Ashton and Joel Holsinger, Ares Alternative Credit leverages a broadly skilled and cohesive team of approximately 35 investment professionals as of June 30, 2021.
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