Novo, a Florida-based FinTech platform focused on small businesses, has secured $35m from an extended Series B funding round.
The round was led by GGV Capital. Robin Li – principal at GGV – will join the company board as an observer. This brings Novo’s Series B to $125m.
Since the end of 2021, the firm has launched a range of new capabilities for helping small businesses centralize their finances and speed up their cash flow. These include Novo Apps, an app marketplace that lets small businesses customise their banking experience.
The company has also introduced Novo Boost, a platform for small businesses and freelancers to provide them with same-day access to payments received through Stripe and express ACH for processing same-day ACH payments.
The firm said, “We are 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
Novo CEO and co-founder Michael Rangel added, “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. 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.”
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