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20 Things You Didn't Know About Nuula

mobile applictation

Nuula is a Canadian Fintech startup that provides a mobile application solution for business owners to access critical metrics for their operations. It offers the benefit of monitoring personal and business credit activity in real-time, along with cash flow, and social ratings. The business is still relatively unknown because it's only been functional for a short time. Here are 20 things that you probably didn't know about Nuula to help familiarize you with the company.

1. Crunchbase is a brand new company

Crunchbase reports that Nuula was founded in April of 2021. The enterprise has only been actively operating for five months and it's already making headlines. The headquarters is located in Toronto, Ontario, Canada. The legal name of Nuula is Business Financial Services DBA Nuula.

2. Nuula is a versatile enterprise

Nuula provides a range of products and services for its customers. It is listed under four industry headings. It is a Finacial Services company, a Lending company, and it is a FinTech operation that develops and provides Mobile Apps. Nuula provides a diverse range of solutions for new and existing clients. For a new company, it has hit the ground running with its full range of services. Most companies build their product lines slowly over time.

3. Nuula uses a complex array of technologies

Nuula is actively using a tool of 35 technologies to power its website. This is a complicated collection of technology products and services, but it is necessary to keep the website running smoothly so visitors have a seamless experience. Some of the technology products and services active are iPhone Mobile Compatible, SPF, Viewport Meta, and several others.

4. The website is just beginning to attract attention

Nuula has only been in business for five months so the web traffic is still low. The analytical statistics show that over the past 30 days 413 persons have visited the website. This represents a 14.49 percent decrease in visitors over the past 30 days. One hundred percent of the web traffic is from people in Hong Kong.

5. Nuula has a core executive team of three members

The executive leadership team at Nuula lists three core members in its decision-making team. Mark Ruddock is the chief executive officer. Raif Barbaros is the chief technology officer. Patricia Korth-McDonnell is the chief experience officer. Although the team is small they are dynamic in leading the company forward.

6. Nuula is backed by private investors

Nuula has participated in two rounds of debt financing from private investors. The most recent debt financing round was completed on September 9, 2021. The total amount raised is $120 million. The business is backed by Ares Management and Edison Partners. Edison Partners led the second round of debt financing.

7. Nuula is working on a Super App

According to Techcrunch, the most recent round of fundraising was held to secure funding for a bold move forward. It's working on the development of a super app that will provide a broad range of financial services. The product is aimed at small to medium-sized businesses. The app that Nuula is currently developing will feature a line of credit for its users.

8. Nuula is currently in the beta testing phase

Nuula has been operational with its product since June of 2021. It has been busy testing a limited beta version of its product, which is still under development. Nuula plans to make it available to the general public soon, as it brings more services into the app. It's preparing to release an embedded finance strategy with business banking which will be provided by a third party but integrated into the app. Thi service is scheduled to be released to the general public sometime in the early part of 2022.

9. Nuula plans to add multiple services to its super app

In addition to the integrated banking services and line of credit, Nuula is working on other services for integration into the product. It's developing other white-label services to be administered through the liberal use of APIs. These will include B2B along with customer-focused payment services.

10. Nuula has a strategic expansion plan in place

Nuula has established its strategic plan for the short and long term. Its goal is to begin full operations, once it moves past the beta phase, in the United States. The startup will firmly establish itself in the USA and then expand into Canada, followed by penetration into the United Kingdom market. Longer range plans include further expansion into countries throughout Europe.

11. Nuula has fully operational products available now

Although the Super App is still in its developmental stage, Nuula is in full swing with products and services that are actively deployed in their full versions. Currently, the company offers products for cash flow forecasting, customer sentiment tracking, business, and personal credit score monitoring, and tools for monitoring other metrics such as e-commerce data, payments, and financial.

12. Nuula will help businesses with their projections

The products and tools offered by Nuula will help small and medium companies to more accurately predict what is likely to impact their operations through the use of predictive data. The tools allow them to monitor customers to learn what they are saying, and to discover this information in real-time as it is occurring. The products provide a suite of services that are combined in one app. This will streamline services and provide key decision-makers with useful information on-demand. It can help businesses to keep on top of emerging trends and shifts as they occur.

13. Nuula began as a side project

Nuula is a spin-off from a company called BFS, a lending business that looked into how it could better leverage data for developing a broader set of services to meet client needs. BFS continued to grow and prosper as a lender, and the data aspect of financial management seemed to be more appropriately handled through a separate entity. This is how Nuula began as a standalone company. They took the concept of a super-app for solving data acquisition and management issues and ran with it. It became a rebranded business and launched in its beta stage to test the product in its early stages.

14. Nuula targets an underserved market

Nuula's mission is to provide solutions for small and medium enterprises. While many FinTech companies focus on serving corporations and larger companies, Nuula's decision-makers identified a market that has largely been ignored. This is the reason why its products are developed more specifically for small to medium enterprises. This is a sector that technology has ignored in favor of going for the big bucks. The team at Nuula sees an opportunity to get in on the ground floor with products that will meet the needs of the massive numbers of new startups that are still in their infancy and sorely in need of technology to help them become established in a competitive market.

15. Nuula's priority is to connect a myriad of services into one app

The concept of a super app is to solve the problem of fragmentation. SMBs can benefit from learning more about their clients. There are more archaic methods for obtaining data that require the use of multiple apps, long applications, and staff to read the completed forms, then confirm that the information supplied is accurate. The super-app can gather information needed about a client, such as a borrower, to determine client creditworthiness, and much more. The tools and insights included in the super-app will also tell SMBs who their prospective clients are, what they're saying (in general terms) and provide them with real-time snapshots of emerging trends in consumer attitudes and behaviors. It will help them to rise to the demands of a changing environment. It will provide them with the suite of insights and capital to power their businesses. The super-app will connect all these fragments in one streamlined app that will effectively streamline the processes and put the information needed at their fingertips.

16. Nuula has some stiff competition

Nuula is not the first company to address the SMB market from a FinTech perspective. Others have also identified the problems that small to medium businesses face. They have some stiff competition in the market today. Other companies working on similar services include Kabbage, ANNA, Selina, Novo, Atom, Xepelin, Liberis, and others currently use big data to help loan money within the SMB market. So far, none have taken the approach to developing a super-app that would manage so many different features. It's going to be interesting to watch Nuula in the months to come as it leaves the beta stage of testing and presents a full version of its super-app. Only time will tell if it will be as successful as they hope.

17. Nuula has a small workforce

Five months into its existence, Nuula has a workforce of just 55 employees. According to LinkedIn, the company is getting ready to expand its current workforce by adding eight new positions. The job openings are all listed for candidates living in the Toronto, Ontario, Canada area. We can safely assume that Nuula is beefing up its home base infrastructure before it makes any moves toward expansion into the United States. They've recently received funding from the last round with investors and are still likely in the planning stages before making the big move into the US. They will likely wait until their super-app is out of beta testing and in its fully operational phase before taking the show on the road.

18. Nuula will open up a new perspective for businesses

Nuula has the potential to take the lead over its competition in fintech, with the super-app it's developing. If all goes according to plan, it will open up new insights and perspectives for business owners in the SMB market. It's going to go in-depth on providing essential data such as social ratings and reviews in real-time. Companies will be able to learn about how they're perceived and what the community thinks about them. In business, reputation is everything, and SMBs will be able to spot trouble coming in advance and head it off by taking action. Small businesses will have the tools to investigate deeper aspects of their companies and to receive alerts if there are issues with their cash, credit, or reputation. It's going to be an all-inclusive app that has the potential for being a real game-changer for SMBs. Nuala's app will provide them with information about the things that matter the most to companies of their size.

19. Nuula has five core values

The official Nuula website, lists the five core values of the company. They're passionate about innovation and creating an environment where small businesses can thrive. They believe in simplicity because there are better ways to manage the business from anywhere at any time in the simplest possible ways. Nuula exists to empower small businesses and to help owners reach their goals and realize their dreams. It's accomplished through capital, tools, and knowledge. Nuula also believes in being advocates for their community. The fifth value is trust. They're committed to learning the trust of clients through directness, honesty, and transparency.

20. Nuula is a company to keep your eye on

You won't find shares of Nuula stock available for trading on any of the public stock exchanges, at least not yet. They've not yet filed for an IPO. Our research has not found anything to suggest that this is a part of the short-term plans, but you never know. It's an enterprise that has only been active for five months. It's already making headlines in business circles. We think Nuula is a startup worthy of watching as the likelihood of it becoming a leader in the Fintech industry is high.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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