Novo, a Miami-based digital banking platform serving freelancers, small business owners, and entrepreneurs, has raised US$ 90 million in a Series B funding round led by Stripes on 11 January 2022.
Investors: The latest investment round featured Stripes as the lead investor with participation from Valar Ventures, Rainfall Ventures, Crosslink Capital and BoxGroup. The startup has managed to raise, in total, over US$ 135 million to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the investment round to build a variety of digital banking offerings which will aid small enterprises in meeting their growth prospects.
About Novo
Brought to existence in 2016 by Michael Rangel and Tyler McIntyre, Novo operates as a robust and easy-to-use banking platform for small firms. Its platform enables enterprises to consolidate their funds, offering rapid visibility into their cash-on-hand, e-commerce sales and pending invoices. The users can generate and deal with unlimited invoices using its platform and manage credit card payments through its payment processor integration. Users can rapidly assess the top income and spending classes, contrast income from varied periods, and review inbound transactions and cash flow. They can also add a maximum of 5 reserves to their account and allot those funds for saving different costs. Novo’s lifetime transactions have exceeded US$ 5 billion. In the last year, the startup processed over US$ 4 billion in transactions. It started its 2020 journey with a run-rate transaction volume of over US$ 7 billion.
What the Founder has to say: “Speaking about 2022 and further, one sector we are categorically delighted about is offering short-term capital for mitigating cash flow friction, and administering tech solutions which can automate the process.”- Tyler McIntyre, CTO and Co-Founder of Novo.
What the Investor has to say: “The thing unique about Novo is their essentially different methodology to assist small businesses to grow. In place of choosing an incremental shift, Novo developed its banking platform from the foundation to not only deliver a top-notch digital banking experience but offer a range of financial offerings to a customer base in dire need of these services. At Stripes, we have backed those firms which have built innovative products. Novo’s positive response, robust retention, and spectacular growth prove the customers’ faith in their services.”- Saagar Kulkarni, Partner at Stripes.
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