Novo Raises $90M in Series B Funding

Novo is a Miami-based platform for small business banking. It raised $90m Series B funding at $700m valuations.

novo 300x300 1

This round brought Novo’s total investment to over $135m. It was led by Stripes and included participation from Valar Ventures. Crosslink Capital, Rainfall Ventures and Rainfall Ventures. Along with the funding, Saagar Kumar Kulkarni (Partner at Stripes) will join Novo’s Board of Directors.

The company plans to use the funds for modern integrations and lending capabilities as well as products that enable small businesses to send and get money faster.

Novo, a platform for small business banking, is led by Michael Rangel, CEO, co-founder and Tyler McIntylre.

The company will announce new features in 2021.

  • The Novo App Marketplace allows businesses to centralize their finances. It gives them visibility into everything, from e-commerce sales to pending invoices and cash-on hand. Small businesses can also take advantage of the dozens of native integrations and connect to more than 1,000 apps and tools they already use.
  • Invoicing allows customers to create unlimited invoices and process credit card payments through their payment processor integrations.
  • Cashflow Insights allows customers to compare their top income and spending, review cash flow, and view inbound transactions.
  • Reserves allows customers to add up five Reserves to an account and to allocate the funds for various expenses, such as capital expenditures or estimated taxes.

The company has processed more than $4Billion in transactions over the past five years, and entered 2022 with a run-rate transaction volume greater than $7B.

Get latest news from African Startup ecosystem

Latest stories

You might also like...