Novo Raises $40.7 Mn In Series A Funding To date, Novo has raised $6.7 million in its Seed Round from Crosslink Capital, Red Sea Ventures, Hack VC, RRE, Rainfall, and the Stanford Law School Venture Fund

By Prabhjeet Bhatla

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Business banking partner for SMEs, startups and freelancers Novo on Wednesday announced to have raised $40.7 million in a Series A round of funding. The independent tech company that enables small businesses to open accounts in minutes without a minimum balance requirement has raised the capital from Valar Ventures along with Crosslink Capital, Rainfall Ventures, Red Sea Ventures and BoxGroup.

"Novo has witnessed deeper investor interest in recent times, especially owing to the pandemic enhancing the role of virtual support ecosystem. India, being one of the fastest growing economies, is a vital market for us. Novo is focused on creating jobs in India in support operations and building advanced technology, enabled by our funding partners. Presently, Novo has a strength of over 50 employees in India and plans to triple it to 150 by this financial year (FY 22)," noted Michael Rangel, co-founder and chief executive officer, Novo.

Till date Novo has raised $6.7 million in its Seed Round from Crosslink Capital, Red Sea Ventures, Hack VC, RRE, Rainfall, and the Stanford Law School Venture Fund.

"At Novo, we have support operations in India across Gurgaon, Ahmedabad, and Bengaluru. The funding will be utilized to expand Operations, Banking, Product and, most importantly, Engineering verticals and enhance hiring across key and support roles in India," added Ajar Upadhyay, director of operations - India, Novo.

The funding will enhance Novo's platforms and services in a bid to provide a state-of-the-art compelling banking experience to its clients. Novo gives its users the flexibility to bank on their own terms, and from anywhere in the USA, right from processing free bank transfers, transaction monitoring to reviewing balances.

Founded in 2016 by Tyler McIntyre and Michael Rangel, Novo has a client base of over 100,000 SME customers. With accelerated growth in the last couple of months, Novo aims to become the financial watchtower for small businesses offering data analytics.

Prabhjeet Bhatla

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