Novo, a NYC-based online business banking platform, raised $4.8m in seed financing.
The round was led by Crosslink with participation from Red Sea Ventures, RRE, Hack VC, Rainfall, and the Stanford Law School Venture Fund.
The company intends to use the funds to accelerate growth and adoption of its online business banking platform.
Launched in September of 2018 by Tyler McIntyre, CTO, and Michael Rangel, CEO, Novo provides small businesses with a no-fee, FDIC-insured digital banking platform which gives customers access to a free business checking account with debit card access, all managed through the mobile app.
Enabled by its community bank partner, Middlesex Federal Savings, Novo offers integration with Slack, Stripe, Xero, Zapier, and TransferWise to give entrepreneurs real-time insights and notifications on the financial health of their small businesses.
The company has a full-time development team in India.