Since the fall of 2021, Novo has launched a range of new capabilities for helping small businesses centralise their finances and speed up their cash flow.
Novo Apps, a comprehensive app marketplace that lets small businesses customise their banking experience. Novo Apps offers dozens of native integrations, plus over one thousand connections to applications small businesses use every day. Instead of having to jump between several applications for tasks such as sending out invoices or getting a comprehensive overview of cash flow, Novo Apps creates an ecosystem in which business owners connect their disparate tools to a single place to run their business.
Novo Boost for giving small businesses and freelancers same-day access to payments received through Stripe, and Express ACH for processing same-day ACH payments. With Novo Boost plus Express ACH, the typical week-long process of moving money from an ecommerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day.
Investors stated that they’ve take interest in Novo’s ecosystem approach to small business checking. They’ve built a robust, intuitive platform that allows SMBs to connect all of their business and financial applications to their Novo account.
Novo is announcing this additional capital during a time of significant growth for the company. Novo has surpassed more than USD 12 billion in lifetime small business transactions and has brought on more than 180,000 small business customers.
The neobank has raised USD 90 million in January 2022 to build out its infrastructure, to add in new products, specifically around lending, and to acquire more customers. he round is being led by Stripes, with Valar Ventures, Crosslink Capital, Rainfall Ventures, and BoxGroup — all of whom backed Novo in its USD 40 million Series A, just six months ago — also participating.
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