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Novo: Raises $40.7M in Series A Funding | Fintech InShorts: Latest fintech news, analysis by experts

Novo: Launches Express ACH To Help Small Businesses Make Payments Faster

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Novo: Raises $40.7M in Series A Funding

By Steve Sam

June 18, 2021

Novo Raises $40.7M in Series A Funding

Novo, a NYC-based small business banking platform, raised $40.7M in Series A funding
The round was led by Valar Ventures with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup
The company will use the funds to continue building out the platform and to double its headcount over the next year
Led by Michael Rangel, CEO, and Tyler McIntyre, CTO, the company provides a banking platform for small businesses
Since launching in 2018, more than 100,000 small businesses have opened an account
In 2021, the company surpassed $1 billion in lifetime transactions, announced a number of new features, opened a new office in Miami, and grew its leadership team

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Singapore-based fintech start-up WSPN bags $30m seed funding

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