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's services help small businesses centralize their finances and speed up their cash flow. The company launched Novo Apps, is a comprehensive app marketplace that lets small businesses customize their banking experience. Novo Apps creates an ecosystem in which business owners connect their disparate tools to a single place to run their business.

 

Novo also launched Novo Boost, which gives small businesses and freelancers same day access to payments received through Stripe, and Express ACH for processing same-day ACH payments. 

 

Novo has surpassed more than $12 billion in lifetime small business transactions, and has brought on more than 180,000 small business customers.

 

Novo is backed by Stripes, Valar Ventures, GGV Capital, Crosslink Capital, Rainfall Ventures, Red Sea Ventures, BoxGroup, and others. The company raised $35M in Series B round on Nov 22, 2022. This is an extension of its previous $90M Series B raised in Jan 2022, bringing the round total to $125M. The additional investment brings Novo's all time raise to $171.7M to date. The round pushed Novo's valuation to $720M, up from the last $700M in Jan 2022.

 

 

  • Year founded: 2016
  • Funding Info: $171.7M over 5 Rounds (Latest Funding Type: Series B)
  • Yearly Revenue: NA
  • Employee Size: 201-500
  • Business Valuation: Valued at $720M as of Nov 22, 2022
  • City/Town: Miami
  • State: Florida
  • Country: United States
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