Novo Makes the Inc. 5000 List for Second Consecutive Year

IAMI, August 13, 2024 – Inc. revealed today that Novo, a financial solutions platform for small businesses with offerings such as a free business checking account, invoicing, and access to working capital, ranks No. 77 on the 2024 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment — its independent, entrepreneurial businesses. 

"Every day, I have the privilege of leading an incredible team in serving the backbone of the American economy: small business owners," said Michael Rangel, founder and CEO of Novo. "Over half of all workers in the US either work for or own a small business. At Novo, we provide simple, digital business banking with tools to automate the back office, so that business owners can focus on what they love. We are humbled to make the Inc 5000 list for a second consecutive year as it reflects the hundreds of thousands of small businesses who have chosen Novo to streamline all of their banking and finances." 

More than 250,000 small businesses across the US use Novo. Over the last year, the company’s notable accomplishments include:

• Surpassing $30 billion in small business transactions since launching in 2018.
• Introducing new capabilities for Novo Invoice, Novo's free invoicing application that customers have used to receive more than half a billion dollars in payments. New features include scheduling, attachments and descriptions, and more.
• Securing a range of new partnerships to save Novo customers time and money running their business, including a legal services partnership with LegalZoom, tax preparation partnership with Block Advisors by H&R Block, advertising partnership with TikTok, a marketplace partnership with Fiverr Pro, and a website building partnership with Squarespace.

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The Inc. 5000 class of 2024 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate is 1,637 percent. In all, this year’s Inc. 5000 companies have added 874,458 jobs to the economy over the past three years.

“One of the greatest joys of my job is going through the Inc. 5000 list,” says Mike Hofman, who recently joined Inc. as editor-in-chief. “To see all of the intriguing and surprising ways that companies are transforming sectors, from health care and AI to apparel and pet food, is fascinating for me as a journalist and storyteller. Congratulations to this year’s honorees, as well, for growing their businesses fast despite the economic disruption we all faced over the past three years, from supply chain woes to inflation to changes in the workforce.”

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. All 5000 companies are featured on Inc.com starting Tuesday, August 13, and the top 500 appear in the new issue of Inc. magazine, available on newsstands beginning Tuesday, August 20.

About Novo

Novo is a fintech company on a mission to destroy the back office and save small businesses time. With a comprehensive suite of financial management tools, Novo empowers entrepreneurs and small business owners to focus on growing their businesses while streamlining their financial operations. Founded in 2018, Novo has quickly become a leader in the fintech space, serving main street digital native businesses across the United States.

Disclosure

Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC.  Physical and virtual debit cards issued by Patriot Bank, N.A., Member FDIC; pursuant to licenses from Mastercard® International Incorporated.  Mastercard can be used everywhere Mastercard is accepted.  Mastercard is a registered trademark of Mastercard International Incorporated.

Merchant Cash Advance products and services are offered by Novo Funding LLC (“Novo Funding”), a wholly owned subsidiary of Novo. Merchant Cash Advances require a Novo checking account. 

Contact:    

Alex Parks

press@novo.co  

More about Inc. and the Inc. 5000

Methodology

Companies on the 2024 Inc. 5000 are ranked according to percentage revenue growth from 2020 to 2023. To qualify, companies must have been founded and generating revenue by March 31, 2020. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2023. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2020 is $100,000; the minimum for 2023 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.

About Inc.

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work achieves a monthly brand footprint of more than 40 million across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since its launch as the Inc. 100 in 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com.

For more information on the Inc. 5000 Conference & Gala, to be held from October 16 to 18 in Palm Desert, California, please visit http://conference.inc.com/.