Novo, a Miami, FL-based provider of a fintech platform for small businesses, raised $35M in Series B funding from GGV Capital.
This brings Novo’s Series B to $125M and total equity funding to more than $170M. Robin Li, Principal, GGV Capital will join the board as an observer.
The company intends to use the funds to scale its app partnerships and consolidate its market position.
Led by CEO Michael Rangel, Novo provides a checking account and fintech platform built for small businesses. Since the fall of 2021, the company has launched a range of new capabilities for helping small businesses centralize their finances and speed up their cash flow, including:
- Novo Apps, a comprehensive app marketplace that lets small businesses customize their banking experience. Novo Apps offers dozens of native integrations, plus over one thousand connections to applications small businesses use every day. It creates an ecosystem in which business owners connect their disparate tools to a single place to run their business.
- Novo Boost for giving small businesses and freelancers same day access to payments received through Stripe, and Express ACH for processing same-day ACH payments.
The company has surpassed more than $12 billion in lifetime small business transactions, and has brought on more than 180,000 small business customers.
FinSMEs
22/11/2022