Nulu
Nulu is a financial services platform that is especially for small business owners. It helps to provide the right loan, banking, credit card, and other financial services options for small businesses.
On Thursday 26 January Nulu has acquired by Nav. Now Nav adds an extra solution in mobile apps for small businesses which will help businesses owner to compare their financing options by using actual financial data. The acquisition of Nulu gives an advantage to Nav to provide transparent financial options for small businesses.
Nav said in a news release that "As the country faces an economic downturn, banks and lending partners have pulled out of the small business financing space due to complexity and risk. With fewer options, higher rates, and an opaque process, small business owners need an objective platform to manage their ongoing financial health more than ever."
Now, nav is the application that includes cash flow tools, financing options, and credit card reports which provide help to small businesses on what will they qualify for before they apply.
"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. "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."
Surveys on SMBs
In research by PYMNTS, it is found that SMBs want new sources of working capital but the issue arises is the high cost of operating and supply.
According to a study, 76% of SMBs want advice from banks such as: reducing their bank fee so they can better their financial situation. But only 15% received detailed advice.
