Novo Novo, a Miami, FL-based firm that provides a platform for fintech for small businesses, secured $35 million in Series B capital through GGV Capital.
The Series B to $125M, and the total equity financing to more than $170 million. Robin Li, Principal, GGV Capital, will join the board of directors in the role of an observer.
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Novo Obtains $35M capital from GGV Capital in Series B Funding
The company plans to use the money to expand the number of app partnerships it has and to strengthen its market share.
The company’s CEO Michael Rangel leads the company; Novo provides an account for checking and a fintech platform specifically designed for small-sized businesses. Since the fall of 2021, the company has announced several new features that help small-sized businesses to centralize their finances and improve the flow of cash, such as:
- Novo Apps is a comprehensive app marketplace that lets small companies personalize their banking experiences. Novo Apps offers dozens of native integrations and over 1000 connections to the applications small businesses use daily. It provides a network where business owners can connect their various tools into an integrated platform to run their businesses.
- Novo Boost for giving small entrepreneurs and freelancers instant access to payments made through Stripe and Express ACH for processing same-day ACH payments.
The company has exceeded $12 billion in total small-business transactions and has attracted more than 180,000 small-business customers.
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