Novo Announces $35M in Funding

IAMI, November 22, 2022 — Novo, the powerfully simple fintech platform for small businesses, announced that GGV Capital has joined the company’s Series B as a strategic investor with an additional $35 million. This brings Novo’s Series B to $125 million, and total equity funding to more than $170 million. Robin Li, Principal, GGV Capital will join the board as an observer.

“Over the last year, we’ve added incredible new functionality to the Novo Platform and brought on tens of thousands of new small business customers,” said Michael Rangel, CEO and co-founder of Novo. “GGV has been instrumental in scaling some of the world’s most successful technology companies across industries, from Airbnb to Square. With their support, we look forward to reaching millions more small businesses in the coming years.” 

Since the fall of 2021, Novo 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. Instead of having to jump between several applications for tasks such as sending out invoices or getting a comprehensive overview of cash flow, Novo Apps 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. With Novo Boost plus Express ACH, the typical week-long process of moving money from an e-commerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day.

“What’s impressed us most about Novo is their ecosystem approach to small business checking — they’ve built a robust, intuitive platform that allows SMBs to connect all of their business and financial applications to their Novo account,” said Hans Tung, managing partner at GGV Capital. “I’m confident that Novo will continue to scale its app partnerships effectively, and become one of the most widely-used small business checking accounts in the United States.” 

Novo is announcing this additional capital during a time of significant growth for the company. Novo has surpassed more than $12 billion in lifetime small business transactions, and has brought on more than 180,000 small business customers. Novo has recently been listed on the  Forbes Fintech 50 and Forbes Next Billion Dollar Startups, and was a winner of the South Florida Business Journal Fire Awards 

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About Novo

Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and fintech platform built for small businesses. To learn more, visit www.novo.co.

Disclosure

Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.

Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.

About GGV Capital

GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in New York, San Francisco, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Poshmark, Slack, Square, StockX, StoriCard,Udaan, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.

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