Novo, a Florida-based banking startup that serves small and medium-sized enterprises (SMEs), has secured $35 million from GGV Capital as an extension of its Series B funding round.
The new cash follows an initial $90 million funding earlier this year, led by Stripes and featuring participation from existing investors Valar Ventures, Crosslink Capital, Rainfall Ventures, and BoxGroup. Bringing total funding to $125 million.
The company has now raised over $170 million in total capital.
Launched in 2018, Novo provides digital banking services for small businesses, entrepreneurs and freelancers. This includes free business checking accounts and apps for tracking cash management and streamlining invoice and budget workflows. Its banking services are provided by Middlesex Federal Savings.
Novo said the funding will come “at a time when the company is experiencing significant growth.” He claims he has made over $12 billion in small business deals since his inception.
Novo CEO and co-founder Michael Rangel said the company acquired tens of thousands of new small business customers last year, and the startups now have more than 180,000 small business customers in total. increase.