SMB financial health platform Nav acquires Nuula
Nav, a financial health platform for small businesses in the US, has acquired the assets of Canadian fintech start-up Nuula for an undisclosed sum.
Launched in 2021, Nuula is a financial services and technology company focused on serving the small business community, providing business insights and financial products to small business owners.
The acquisition of Nuula’s tech will enable Nav to add a number of additional mobile app features to build out its existing offerings for small businesses, allowing firms to more easily compare financing options based on actual financial data.
Nav says the economic downturn means banks and lending partners have pulled out of the small business financing space due to “complexity and risk”. It claims it offers the only app combining cash flow tools, access to credit report information and financing options to help small businesses.
“This acquisition means we will continue to deliver a financial health experience that eliminates subjective and irrelevant information small business owners are bombarded with every day,” says Nav CEO, Greg Ott.
Nav, which claims to have over 1.7 million users, says it helped over 200,000 small businesses with its solutions in 2022. It also claims to have grown its staff headcount by 50%, which has been boosted by the addition of employees from Nuula.