Toronto-based Nuula is a financial technology startup focused on providing small businesses with tools and capital to succeed.
The Canadian company has partnered with Toronto neighbour Walnut on a wellness feature that gives small business owners access to life insurance, meditation programs, and online fitness classes for under $10 per month.
This latest feature was driven by insights into how “personal stress is affecting small business owners, especially with the pressures of the COVID-19 pandemic,” according to Nuula. For example, a recent Capital One survey found that nearly half of small business owners found running a business during the pandemic has had a negative impact on their mental well-being, and nearly as many say they are currently experiencing burnout or have experienced it within the past month.
“For a small business owner and entrepreneur, work and life are inextricably linked,” notes Mark Ruddock, CEO at Nuula. “It is so important to provide support for both.”
Nuula’s new wellness feature offers access to guided meditation, sleep guides, and mental focus programs through Headspace Plus, as well as online fitness programs through ClassPass Digital. The programs are paired with Life Insurance to give small business owners peace of mind, says Ruddock.
“Nuula is taking a new approach to small business financial services by focusing not only on the needs of the business but also on the needs of the small business owner,” he explains.
The new feature sits atop of Nuula’s existing portfolio of small business tools, which includes financial health tracking, cash-flow forecasting, and credit monitoring.
“Nuula is taking a forward-looking approach to the needs of small businesses,” says Derek Szeto, cofounder and CEO of Walnut. “Mental and physical health are paramount to entrepreneurial success.”
Nuula launched in Toronto 2021. Walnut was founded in 2020 and has offices in the US and Toronto.