Novo Raises $35M from GGV Capital in Series B Funding

Novo, a Miami, FL-based supplier of a fintech platform for small companies, raised $35M in Series B funding from GGV Capital.

This brings Novo’s Series B to $125M and complete fairness funding to greater than $170M. Robin Li, Principal, GGV Capital will be part of the board as an observer.

The firm intends to make use of the funds to scale its app partnerships and consolidate its market place.

Led by CEO Michael Rangel, Novo supplies a checking account and fintech platform constructed for small companies. Since the autumn of 2021, the corporate has launched a spread of latest capabilities for serving to small companies centralize their funds and pace up their money move, together with:

  • Novo Apps, a complete app market that lets small companies customise their banking expertise. Novo Apps affords dozens of native integrations, plus over one thousand connections to functions small companies use on daily basis. It creates an ecosystem in which enterprise house owners join their disparate instruments to a single place to run their enterprise. 
  • Novo Boost for giving small companies and freelancers similar day entry to funds acquired by means of Stripe, and Express ACH for processing same-day ACH funds.

The firm has surpassed greater than $12 billion in lifetime small enterprise transactions, and has introduced on greater than 180,000 small enterprise clients.



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