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Toronto-based fintech super app Nuula picks up $120M to help SMBs

Nuula
Image credits: Nuula

Canadian fintech Nuula is focused on building a super app for small businesses. Recently, the fintech picked up $120 million in new funding round to scale its integrated credit product.

To launch its app soon

The investment is made up of $20 million in equity funding and was led by Edison Partners to stimulate the brand’s launch and drive the adoption of the Nuula mobile app. Further, a $100 million credit facility is provided by funds managed by the Credit Group of Ares Management Corporation (“Ares”) that will provide scale to the app’s integrated credit product.

Also, Nuula will soon unveil its plans to access a range of innovative financial products within its ecosystem, including an innovative on-demand line of credit that will enable small businesses to access the capital they need to thrive.

Focuses on small business lending

Nuula’s aims is to offer small business owners with access to insights, including critical business metrics, and innovative fintech that can help power their businesses. 

The Nuula app was launched in a limited beta version in June 2021 and it delivers real-time monitoring of cash flow, personal and business credit activity, and social ratings and reviews.

With this app, small business owners will immediately know if there is any issue with their cash, credit, or reputation that requires action. The company has plans to offer general availability soon and bring in more services, some built directly by Nuula itself. This will be possible by integrating a third party service into the Nuula app to be launched early in 2022.

The startup also intends to make use of APIs to bring in other white-label services, including B2B and customer-focused payment services. Initially, these will be available in the US and then expand to Canada and the UK before being rolled out to Europe.

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