Novo, a NYC-based small business banking platform, raised $40.7M in Series A funding.
The round was led by Valar Ventures with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup.
The company will use the funds to continue building out the platform and to double its headcount over the next year.
Led by Michael Rangel, CEO, and Tyler McIntyre, CTO, Novo provides a banking platform for small businesses. Since launching in 2018, more than 100,000 small businesses have opened an account. In 2021, Novo surpassed $1 billion in lifetime transactions, announced a number of new features, opened a new office in Miami, and grew its leadership team.
The company currently has more than 60 employees.