Novo, which claims to be a simple small business banking platform, has netted $40.7m in its Series A funding round.
Valar Ventures led the round, with participation also coming from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup
This capital injection will enable Novo to build out its platform and double its team of 60 over the course of the next year.
The FinTech, which launched in 2018, has helped over 100,000 businesses open an account. It claims to have surpassed $1bn in lifetime transactions during 2021.
Novo offers free business banking accounts, which boasts easy ACH transfers, no hidden fees, FDIC insurance, online banking and more.
During 2021, Novo has already released a few new features, opened an office in Miami and hire more staff in its leadership team.
Novo CEO and co-founder Michael Rangel said, “The modern-day online small business owner expects a digital banking platform to offer more than a well-designed interface — they want a robust, centralized, and no-fee application that offers true value-add to how they manage their money.
“Small businesses across the U.S. have chosen Novo because our team has built a digital banking platform that makes every day financial tasks a breeze — from creating invoices and receiving payments to connecting their accounts with other tools their businesses need to operate like Stripe, Shopify, Square, and more.”
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