Technology Spotlight: An Interview with NetNow

As part of Beaumont Bailey’s mission to connect founders, innovators and key players that make up the fabric of our industry, our latest Technology Spotlight series highlights the successes of our incredible members and wider network. In this instalment, we speak with Nauman Hafeez, Co-Founder & CEO of NetNow.

Tell me a little bit about your organisation, your career path, and the idea to start NetNow. 

I started my career with a degree in engineering, but most of my experience came in management consulting, focusing on technology. I worked primarily with large banks, helping them optimise operations and better analyse data for credit decisions. This gave me my first real exposure to the credit industry from the perspective of major financial institutions.

Later, I moved into a technology company specialising in business-to-business payments. It was during this time that I met my co-founder, Eli, who had a similar background but also managed credit for his family’s construction business. It was rare to find someone so young with such deep experience in the credit space.

When we teamed up, we recognised the inefficiencies in the credit industry and saw how technology could drive real change. This was the spark that led to the creation of NetNow, where our goal is to streamline and improve how credit is managed and accessed.

Go into the technology in a bit more detail, what main problem is the technology solving?

Credit plays a fundamental role in business transactions, with about $4 trillion in credit outstanding in North America at any given time. It’s essential for businesses to manage their relationships with suppliers, often involving 30, 60, or 90-day terms. However, credit management is still largely done manually, with credit managers juggling multiple tasks. The process often begins with sending out a PDF document to customers seeking credit, followed by a slow, back-and-forth exchange of information. Even when the data is returned, it’s often incomplete, requiring further back-and-forth. After collecting the necessary details, credit managers must contact trade references, obtain bank reports, run credit checks, and communicate with internal teams before making a decision.

NetNow’s technology solves these inefficiencies by centralising and streamlining the entire process. We provide an operating system for credit and accounts receivable, helping businesses optimise their workflow and make faster, more informed credit decisions. With our platform, credit managers can save time, reduce errors, and ultimately make better decisions in a much more efficient manner.

How does your technology differentiate from others in the space.

Our customers are wholesalers, distributors across multiple industries, but the core focus for us has very much been in the lumber and building materials space. Within this space,  we’ve seen our customers have been able to get between a 50% and 70% reduction in the time that it takes to approve a credit account. They’ve been able to reduce their daily sales outstanding and additionally have been able to reduce fraud.

Our system features on of the most comprehensive fraud management checks available today, ensuring fraudulent accounts are immediately identified and flagged to our customers. Another key insight we’ve gained form working closely with our customers is that our product not only speeds up credit approvals but also boosts sales. Credit and sales teams feel more confident offering credit terms because they have the data and systems needed to verify accounts quickly and accurately.

What are your growth plans over the next year?

We’ve been very intentional about finding partners that align with both our company’s vision and the stage we’re at. One of our most valuable partnerships has been with Ripple Ventures, a great pre-seed fund that truly understood where we were coming from and where we want to go. We showcased our traction with existing customers, and what really set us apart was the data we had—particularly the number of users actively engaging with our platform and the measurable impact it was having on their operations. At our stage, that level of customer engagement and proof of value was rare, and it played a pivotal role in convincing Ripple Ventures to come on board.

Looking ahead, our growth plans for the next year are focused on continuing to build on this momentum. We’re aiming to expand our customer base, enhance our platform with more capabilities, and strengthen our partnerships to ensure we’re providing even more value to our users.

The combination of our strong data and growing customer traction will allow us to scale effectively, setting the stage for continued success.

How is the funding industry currently?

The funding landscape, especially for early-stage startups, is far from ideal right now. Unlike the days of the COVID era, where venture capital was flowing freely, the market has cooled, making it more challenging for startups to secure funding. For us, this meant taking a more tactical approach. We had to be crystal clear about what we were building, focusing on our value proposition, and ensuring we had strong proof points to demonstrate our potential to investors.

Despite the tough climate, our persistence paid off. We successfully raised $1.8 million in pre-seed funding, a testament to the strength of our vision and the clear value we bring to the market. This funding will help us continue building and scaling, enabling us to bring our innovative solutions to more customers and refine our platform even further.

What do you find the most challenging about the talent market right now specific to your industry?

One of the most significant challenges we hear from credit managers, wholesalers, and distributors is the difficulty in finding top talent. It’s become increasingly challenging to access the right talent pools, especially individuals who are adaptable to technology. This is particularly true for the younger generation entering the credit industry. Many now view outdated systems—such as spreadsheets or legacy software—as a red flag. They’re seeking more modern, tech-driven environments, and if they see these tools being used to manage credit, they’re more likely to look elsewhere.

For us specifically, hiring the right talent translates into recruiting engineering and tech professionals who are not only skilled but also able to navigate the niche world of accounts receivable and credit. It’s a tough combination to find, and competition for this talent is fierce.

If you would like to discuss any of the topics raised in this piece or if you need support with your leadership resourcing strategy, please get in touch with Emma Callahan on: emma.callahan@beaumontbailey.com.