Toronto-based start-up Nuula has raised $120 million in new funding to scale its financial services mobile app for small and medium-sized enterprises (SMEs).
The investment consists of $20 million in equity led by Edison Partners and a $100 million credit facility provided by funds managed by the Credit Group of Ares Management Corporation.
Nuula launched its mobile app in June this year with the aim of helping SMEs to grow.
It provides real-time data and analytics into business metrics and access to financial tools including cash flow forecasting, personal and business credit score monitoring and customer sentiment tracking.
CEO Mark Ruddock says: “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.”
The company will use the new equity to accelerate the launch of its app and drive further adoption.
It also plans to launch additional features, including the ability to monitor other metrics including financial, payments and e-commerce data.
The new credit facility will be used as part of an integrated on-demand lending product for SMEs looking for growth capital.