Nav acquires Nuula

Nav Technologies, a financial services platform for small businesses, has acquired the assets of Nuula, a financial services and technology company focused on serving the small business community.

The acquisition adds “many mobile app features” to Nav’s existing small business solutions, making it easy for users to compare financing options based on actual financial data.

Founded in 2012, Nav offers a financial services marketplace that allows small businesses to access a range of products and services such as loans, credit cards, and checking accounts. The company also offers business insurance in partnership with Mylo.

Nav claims to have over 1.7 million users, helping almost 200k small businesses find financial solutions in 2022.

Launched in 2021 and based in Canada, Nuula’s app delivered business insights and financial products to small business owners. The company experienced a workforce reduction, going from ~60 employees in June to 18 employees today. According to Crunchbase, Nuula raised $20 million in venture funding.

“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. 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.” – Nav CEO, Greg Ott.

Terms of the purchase have not been disclosed.