Novo Raises Additional $35 Million In Series B Funding The funding will deepen Novo's commitment to India through large-scale hiring and enhance its technological prowess in offering unparalleled service to customers
By Teena Jose
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Novo, the fintech platform for small businesses, announced that GGV Capital has joined the company's Series B as a strategic investor with an additional $35 million. This brings Novo's Series B to $125 million, and total equity funding to more than $170 million. According to the company's statement, Robin Li (principal, GGV Capital) will also join the board as an observer. The funding will deepen Novo's commitment to India through large-scale hiring and enhance its technological prowess in offering unparalleled service to customers.
"Over the last year, we've added incredible new functionality to the Novo Platform and brought on tens of thousands of new small business customers. GGV has been instrumental in scaling some of the world's most successful technology companies across industries, from Airbnb to Square. With their support, we look forward to reaching millions more small businesses in the coming years," said Michael Rangel, CEO and co-founder of Novo.
Novo has surpassed more than $12 billion in lifetime small business transactions and has brought on more than 180,000 small business customers, claimed by the company in a statement.
"What has impressed us the most about Novo is their ecosystem approach to small business checking — they've built a robust, intuitive platform that allows SMBs to connect all of their businesses and financial applications to their Novo account," said Hans Tung, managing partner at GGV Capital.
