Firm also publicizes worn American Screech Executive as new Chief Utter Officer
ATLANTA, GA – WEBWIRE – Thursday, October 7, 2021
Now®, the Atlanta-primarily primarily primarily based FinTech company co-founded by Stacey Abrams and Lara Hodgson, this day announced $29M in financing from a brand new credit ranking facility and a extra fairness investment in Now® led by Brigade Capital Management, LP and Virgo Funding Group. The brand new credit ranking facility will enable Now® to be taught extra little companies with its innovative funds acceleration resolution, NowAccount®, at a time when the wants of little and various companies enjoy never been bigger. The extra fairness investment shall be veteran to extra scale company operations and to help its suite of offerings to meet the evolving wants of its purchasers as they feel the ongoing effects of COVID-19.
The corporate also announced that Sejal Shah Gulati has joined Now® because the corporate?s Chief Utter Officer. Gulati has deep funds skills, having served as Identical old Supervisor and Vice President, World Business Products and services – World Marketing Hub for American Screech. Most lately she change into once SVP and Identical old Supervisor Excessive Utter Corporations and Banking and Capital Markets for Genpact.
?Unpaid invoices are an age-worn train that stops companies from increasing,? said Gulati. ?I?m livid to affix the personnel at Now® as they pioneer innovative alternate choices to tackle this scenario.?
Because the Chief Utter Officer, Gulati will benefit on the manager management personnel and can simply lead Now®?s development initiatives in conjunction with sales, marketing, shopper success and product management.
?Our purchasers are passionate entrepreneurs committed to the event of their companies, and it change into once crucial that we had any individual accountable for our private development with the similar level of ambition and dedication,? said Lara Hodgson, CEO and co-founding father of Now®. ?Her wealth of skills and eager enterprise acumen shall be an asset to our company and our purchasers.?
Growing Question
The brand new funding comes on the heels of an announced $9.5MM in funding in June of this year, led by Virgo, with participation from Cresset Capital Partners. Since the beginning of the pandemic in Spring of 2020, Now® has seen increased keep a matter to for their services as invoice rate situations enjoy ballooned from an moderate of 48 days to extra than 70. Over the closing 10 years, the corporate has facilitated extra than $700M in invoice funds, serving extra than 1,000 little companies.
?We made up our minds to partner with Now® because we mediate within the raze that they?re making an try to enjoy,? said Max Scherr, Partner at Brigade Capital Management. ?Now® is transforming the formula companies goal, unlocking the seemingly they’ve to bolster the American economy.?
?Tiny companies generally carry worthy financial burdens, whereas at the similar time accounting for trillions of bucks of B2B commerce annually,? said Hodgson. ?Offering companies with an invoice rate acceleration resolution enables them to win entry to the capital obligatory to develop their enterprise fearlessly as they benefit extra customers and have interaction in extra commerce.?
Revolutionizing Invoice Payments
Tiresome and lifeless funds on invoices can prohibit a companies? cash float, pressure them into debt as they fight to preserve with shopper requires and carry development to a detailed and even situation off a enterprise to develop to demise. Now® has remodeled the formula companies goal by organising NowAccount®, the first rate resolution that enables B2B companies within the US producing as much as $50MM in income to be paid inside of two enterprise days, in a mode that feels delight in accepting a credit ranking card for rate (no loans or factoring) with a one-time 2.5%-5% provider rate (no ardour), upon verification.
A enterprise with a NowAccount® delivers goods/services to its customer of their traditional type, then submits the invoice to their customer and concurrently uploads the invoice to their NowAccount®. Upon approval, Now® will pay the enterprise 100% of its invoice amount, minus the one-time provider payment, inside of two enterprise days. The enterprise? customer will pay the enterprise how and once they generally would and remits the cost to a lockbox or myth at Now®.
To be taught extra about how Now® can benefit your little enterprise develop visit https://nowcorp.com/.
About Now
NowAccount® is an invoice rate resolution that redefines how and when companies receives a rate. Headquartered in Atlanta, GA, Now® change into once created by serial entrepreneurs who felt the ache of ready on invoice funds from increased customers. Now?s mission is to empower companies to develop fearlessly thru accelerated invoice funds. Impressed by the credit ranking card machine, NowAccount enables you to receives a rate straight on your invoice whereas allowing your customers the flexibility to pay later. Now?s imaginative and prescient is to operate an international the put various companies of all sizes enjoy win entry to to capital, commerce, and customer opportunities.
About Brigade Capital Management
Brigade Capital Management, LP (?Brigade?) is a world asset management agency founded in 2006 with roughly $29.5 billion in property below management. Brigade invests in public and inner most credit ranking instruments the utilize of a backside up investment philosophy across a range of diversified funds. As an SEC registered investment consultant, Brigade is one amongst the best honest exchange asset managers with a 49 person investment personnel. Founded by Donald E. Morgan III, CIO and Managing Partner, the agency is headquartered in Unique York with a world footprint that involves offices in London and Tokyo.
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