Credit management platform provides
unparalleled customization, flexibility, and automation to foster
innovation across multiple industries with modern
solutions.
TORONTO, Sept. 9, 2024 /PRNewswire/ -- NetNow, a
modern trade credit automation platform that automates the credit
and collections process for wholesalers & distributors, today
announces $1.8MM in pre-seed funding.
The round was led by Ripple Ventures, with participation from
Centre Street Partners, Antler, Motivate Venture Capital, and Day
One Ventures. NetNow also secured a grant from Intuit for earning
The Most Customer Obsessed company award. The funding will
be used to accelerate AI product development – to 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.
B2B Credit Management is entering a golden age of technology and
transformation. Existing solutions are either very paper &
process intensive or clunky and built over a decade ago. The
industry is ripe for disruption with newer data sets, automation,
integrations, and flexibility that NetNow delivers. For example,
building materials distributors like lumber yards, steel mills,
plumbing, electrical, HVAC supply houses, and even manufacturers
need a better way to manage credit for new & existing
contractors and construction projects. NetNow is providing them
with a better option that helps them reduce their credit risk and
daily sales outstanding, promotes better collaboration among Credit
& Sales teams, and provides deeper insights into customers
financial & credit health.
"Everyone deserves to allocate their time away from monotonous
tasks," says Nauman Hafeez, CEO of
NetNow. "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."
"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," says Matt Cohen, Managing Partner at Ripple Ventures.
"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."
NetNow was founded 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
11x return on investment for its customers. By digitizing credit
applications, providing 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
– leading to 70% faster customer onboarding and ultimately
better collaboration between sales and credit teams.
About NetNow
NetNow is the leading technology vendor
that supports businesses across key industries including lumber
& building materials, electrical wholesale, HVAC, heavy
equipment, roofing, general wholesale & distribution and many
more. The streamlined NetNow platform helps suppliers &
distributors manage Trade Credit applications digitally. Credit
teams can offer digital forms to buyers (no more PDFs), issue trade
& bank references automatically, create automated workflows for
faster approvals, access key business data sources and much more.
Learn more at: www.netnow.io
Press Contact
Rick
Medeiros
382889@email4pr.com
(510) 556-8517
View original content to download
multimedia:https://www.prnewswire.com/news-releases/netnow-revitalizes-credit-management-systems-for-the-building-materials-industry-announces-pre-seed-round-302241473.html
SOURCE NetNow