The fresh capital will be used to scale small business checking account integrations and partnerships, and will also be deployed towards expansion
Novo, a fintech platform catering to small businesses, raised additional funding of $35 million in its Series B round from GGV Capital, which has joined as a strategic investor.
This brings Novo’s total fundraise in the round to $125 million, and total equity funding to more than $170 million.
Robin Li, Principal, GGV Capital, will also join the board as an observer. Novo plans to use the fresh capital for large-scale hiring and enhancing its technological prowess.
“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.
Novo claims to have surpassed more than $12 billion in lifetime small business transactions and has onboarded more than 180,000 small business 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.
Addressing the expansion plans for India, Ajar Upadhyay, Director of Operations, India, Novo, added, “After securing Series A and B funding, we are concentrating on the following expansion plan, which calls for hiring talented individuals in middle and top-level management positions in banking, data, and engineering in India over the next six months. We expect to double our current workforce by the end of next year,” as per reported by YourStory.
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