Stacey Abrams financial startup Now raises $9.5M new funding

p 1 stacy abrams fintech startup

Stacey Abrams—whom it’s possible you’ll recall as the one who helped flip Georgia blue within the final presidential election—has not spent the intervening months idle. Her financial companies firm, Now, simply rounded up $9.5 million in Sequence A funding.

Wait, Abrams has a financial companies firm? Sure, she does. The previous tax lawyer, thriller writer, and gubernatorial candidate additionally hawks for her third startup, which she costarted again in 2010, when “President Trump” was not but an idea.

Her firm, Now, helps B2B firms receives a commission quicker. It really works like this: Think about paying for a sweet bar with a bank card. The shop is paid instantly by the bank card firm, and you’re billed a couple of weeks later. NowAccount extends that very same courtesy to B2Bs. For instance, say a sweet bar provider delivers sweet bars to a retailer and invoices the shop. Moderately than ready 30 or 60 or (ahem) 120 days to be paid, the sweet bar firm submits its bill to Now and will get paid inside two days. When the shop will get round to paying its invoices, it pays to a Now account. Within the meantime, the sweet bar firm has rapid entry to its working capital, which is pivotal for a rising small enterprise.

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NowAccount grew out of the experiences of Abrams and her cofounder, Lara O’Connor Hodgson, operating one other firm, Nourish, which made child and toddler drinks. They closed the corporate after they acquired a big retailer’s order and have been unable to acquire a mortgage to improve tools. Abrams factors out that in commerce, small companies generally lend large quantities of cash to large firms for one to 4 months at a time. “Small companies are the biggest supply of lending as a consequence of delivering merchandise and ready 30 days or extra (typically far more) for cost,” she says.

The corporate plans to make use of the funding to scale Now’s tech platform, which aggregates threat knowledge from 10 years of bill funds to greater than 1,000 companies. The funding spherical was led by Virgo Funding Group with Cresset Capital Companions.

You can too catch Abrams selling her latest thriller, out three weeks in the past, and operating Hot Call Summer, a June marketing campaign to rally assist for the congressional voting rights invoice, the For the Folks Act.