Novo is a powerfully simple business banking platform providing better business checking accounts to small business owners, entrepreneurs, and freelancers.
Novo provides better business deposit accounts to today’s companies and is powered by a network of FDIC-insured community banks.
Novo was founded in 2016 by Michael Rangel and Tyler McIntyre. The company is headquartered in Miami, Florida, with an office in New York.
Novo has built a digital banking platform that makes everyday 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.
Novo launched a new Marketplace where it provides APIs for some 1,000 other apps and services that can be integrated into the Novo experience. Here, it focuses on features that sit otutside of the core functionality of a banking service, for example point of sale payments, e-commerce operations, invoice and payroll management and more.
Novo now has 150,000 SMB customers and has surpassed $5 billion in lifetime transactions — processing more than $4 billion in transactions in 2021 alone, and entering 2022 with a run-rate transaction volume of more than $7 billion.
Novo is backed by Stripes, Valar Ventures, Crosslink Capital, Rainfall Ventures, Red Sea Ventures, BoxGroup, and others. The company raised $90M in Series B round on Jan 11, 2022. This brings Novo's total funding to $136.7M to date. The latest round valued the company at a $700M post-money.