USA – Novo, a Miami, Florida-based small business banking platform, raised $90m in Series B funding at a $700m valuation.
The round, which brought Novo’s total funding to more than $135m, was led by Stripes with participation from existing investors Valar Ventures, Crosslink Capital, Rainfall Ventures, and BoxGroup. In conjunction with the funding, Saagar Kulkarni, Partner at Stripes, will be joining Novo’s Board of Directors.The company intends to use the funds to build out modern lending capabilities, integrations, and proprietary products that allow small businesses to send and receive money more quickly. Led by Michael Rangel, CEO and co-founder, and Tyler McIntylre, CTO and co-founder, Novo is a banking platform for small businesses. New features will add to the series of enhancements the company announced in 2021:The company has surpassed $5 billion in lifetime transactions — processing more than $4 billion in transactions in 2021 alone, and entering 2022 with a run-rate transaction volume of more than $7 billion. 11/01/2022
