Novo Raises $90 Million In Series B
The funds will be utilized to build out modern lending capabilities, integrations and proprietary products
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Novo, the powerfully simple small business banking platform, has raised $90 million in Series B funding at a $700 million valuation. Stripes led the round, with continued participation from existing investors Valar Ventures, Crosslink Capital, Rainfall Ventures and BoxGroup. This latest round brings Novo's total funding to more than $135 million.
With the additional $90 million in funding, Novo will build out modern lending capabilities, integrations and proprietary products that allow small businesses to send and receive money more quickly with new advanced features which entail a series of enhancements followed by Novo's announcement in 2022. This will help to reduce the cash flow friction and implement technologies in banking and engineering back-end operations to foster advancement in the system.
"For small business owners, the technology that powers their digital banking platform should fade into the background," said Tyler McIntyre, CTO and co-founder of Novo.
"What sets Novo apart is a fundamentally different approach to helping small businesses succeed. Instead of opting for incremental change, Novo built its banking platform from the ground up so that it could not just deliver a great digital banking experience, but actually deliver Novo financial products to a customer base that is yearning for them. At Stripes, we only invest in companies building amazing products, and Novo's rave reviews, strong retention and incredible growth make it clear it has built something that small businesses love," said Saagar Kulkarni, partner at Stripes
Novo is a powerfully simple business banking platform with no hidden fees built for small business owners.