NetNow Revitalizes Credit Management Systems for the Building Materials Industry, Announces Pre-Seed Round

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

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SOURCE NetNow