NetNow, a modern trade credit automation platform that automates wholesalers’ and distributors’ credit and collections processes, announced $1.8 million in pre-seed funding. Ripple Ventures led the funding round, including Centre Street Partners, Antler, Motivate Venture Capital, and Day One Ventures. NetNow also received a grant from Intuit for earning the Most Customer Obsessed company award.
This funding round will be used to accelerate AI product development, simplify documents, analyze data, and generate risk scores and metrics. NetNow offers the most customizable and flexible credit management product—designed by credit managers for credit managers and built for the 21st century.
Building materials distributors like lumber yards, steel mills, plumbing, electrical, HVAC supply houses, and manufacturers need a better way to manage credit for new and existing contractors and construction projects. NetNow offers them a better option that helps them reduce their credit risk and daily sales outstanding, promotes better collaboration among Credit and sales teams, and provides deeper insights into customers’ financial and credit health.
NetNow was launched by Nauman Hafeez, Eli Costea, and Soroush Arghavan to reduce credit processing time, reduce debt, and identify the top credit accounts to increase sales – NetNow’s automation results in an average of 11 times return on investment for its customers. And by digitizing credit applications, offering instant trade and bank references, and constantly monitoring all credit accounts, finance teams can be assured every aspect of the trade credit process is covered – driving 70% faster customer onboarding and ultimately better collaboration between sales and credit teams.
KEY QUOTES:
“Everyone deserves to allocate their time away from monotonous tasks. Yet, credit and finance teams spend 42 hours per week on manually processing credit applications – a ton of effort wasted on manual research and cross-referencing. The NetNow platform was created to streamline the most time-intensive aspects of applying for credit, to prioritize what truly counts. We aim to continue to work with the incredible Credit Executives that have helped us shape our product to what it is today and help pioneer a digital-first approach to credit management.”
-Nauman Hafeez, CEO of NetNow
“NetNow is uniquely positioned to be the first credit management platform that prioritizes the building materials industries like lumber, steel, concrete, and agriculture. Their world-class team is dedicated to accelerating sales and credit approvals for industries that can benefit from this technology the most. As a trailblazer in SaaS credit solutions, the platform’s growth is powered by automation, AI and customization that stands to open up lucrative revenue opportunities.”
-Matt Cohen, Managing Partner at Ripple Ventures
