Novo Raises $40.7M Series A Funding to Widen Digital Banking Platform for Small Businesses

Novo, a simple small business banking platform, announced that the company raised $40.7M in Series A funding. Led by Valar Ventures and followed by other participants like Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup.

More than 100,000 small businesses have opened a Novo account since its launch in 2018. Novo surpassed $1 billion in lifetime transactions, opened a new office in Miami, announced several new features, and grew its leadership team. The company was awarded by both CNBC as “Best Business Checking Accounts of March 2021” and Money Magazine as “Best Business Checking Accounts of 2021".

Novo plans to use its Series A funding to continue building out a best-in-class platform for small business banking and helping business owners simplify their finances and optimize their cash flow. Novo currently is a company of more than 60 employees, and it plans to boost the number of headcounts over the next year.

About Novo
Novo is a powerfully simple banking platform for small businesses.