Nav acquires assets of venture-backed fintech platform Nuula

• Nav said the acquisition will accelerate its mobile app development and create a better tool for the underserved small business population
• In 2021, Nuula raised $120 million in equity and debt financing
• The $20 million in equity was led by Edison Partners, while the $100 million credit facility was provided by Ares Management Corp

Nav has acquired the assets of Nuula, a Toronto-based financial services and technology company focused on serving the small business community. No financial terms were disclosed.

Based in San Mateo, California, Nav is financial health platform for small businesses. It said the acquisition will accelerate the company’s mobile app development and create a better tool for the underserved small business population.

“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,” said Nav CEO Greg Ott in a statement. “I’ve been impressed by the caliber of Nuula’s talent and excited to integrate our team. Together, we will continue to bring simplified financial insights and streamlined access to the best financing and credit options to small business owners.”

Nuula was launched in 2021. In the same year, it raised $120 million in equity and debt financing. The $20 million in equity was led by Edison Partners, while the $100 million credit facility was provided by Ares Management Corp’s credit group.

“Nuula and Nav both share a passion for helping small businesses succeed,” said Mark Ruddock, former CEO of Nuula. “I look forward to seeing how Nav leverages Nuula’s technology to extend Nav’s already compelling product offering in exciting new ways.”