Nuula, a Toronto-based fintech building a a mobile financial services platform for SMEs, has raised US$20 million in equity funding and secured another US$100 million in the form of a credit facility.
Edison Partners led the funding round, with the Credit Group of Ares Management Corporation managing the credit facility for Nuula, which launched this year but grew out of BFS Capital, a 20-year-old firm providing SME loans.
The Nuula app launched this June, providing small businesses with data such as real-time monitoring of cash flow, personal and business credit activity, and social ratings and reviews.
The firm is now preparing to add access to a range of financial products within its ecosystem, including an on-demand line of credit.
Mark Ruddock, CEO, Nuula, says: “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.”