Cyber Monday Sale! 50% Off All Access

Novo Raises $90 Million In Series B The funds will be utilized to build out modern lending capabilities, integrations and proprietary products

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Novo

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.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
Business News

'Something Previously Impossible': New AI Makes 3D Worlds Out of a Single Image

The new technology allows viewers to explore two-dimensional images in 3D.

Technology

Yotta Infrastructure Is On an Expansion Spree: Darshan Hiranandani

We are planning to set up new data centers in Pune, Powai, Chennai, and Dhaka, along with a partnership in Nepal to build the 'K1' supercloud data center near Kathmandu, says Darshan Hiranandani, chairman & co-founder, Yotta

Business News

'This Company Has Been My Life': Intel CEO Retires, Reportedly Forced Out

Intel CEO Pat Gelsinger has led the company since February 2021 and said his departure is "bittersweet."

Business News

'I Stand By My Decisions': A CEO Is Going Viral For Firing Almost All of the Company's Employees — Here's Why

The Musicians Club CEO Baldvin Oddsson fired 99 workers at once over Slack for missing a morning meeting. But there's a catch.

Franchise

Subway's CEO Steps Down Amid a Major Transition for the Sandwich Giant

John Chidsey will step down at the end of 2024, marking the close of a transformative five-year tenure.