# Novo Platform

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/novo-platform

- Industry: Financial Services
- Headquarters: Miami, US
- Website: www.novo.co
- Total disclosed funding: $173M
- Latest round: Series B (Nov 22, 2022)
- Investors on record: 10

## About

Novo Platform Inc., based in the US, is a financial technology company that provides innovative online banking solutions specifically for small businesses, freelancers, and self-employed individuals.Novo Platform Inc. was founded in 2016 in Miami, US. The company specializes in delivering online banking services. Michael Rangel, who has a history of entrepreneurial ventures, is both the Founder and CEO. As of now, Novo has completed 5 deals, with the most recent being a Series B funding round in November 2022, led by Granite Asia, raising USD 35.00 mn. The latest funding round brings the total amount raised to USD 35.00 mn, with a current valuation of USD 686.848 mn.Novo offers a comprehensive suite of online banking solutions tailored for small businesses, freelancers, and self-employed individuals. Their primary product offerings include a free checking account, invoicing tools, budgeting features, and funding solutions, all designed to streamline financial management. The checking account provides an FDIC-insured option for deposits, while the invoicing feature allows users to create customized invoices for faster payments. Their budgeting tools enable precise financial allocation, and the funding solutions offer rapid access to cash when needed. Novo services are accessible in the United States, catering to diverse sectors such as marketing, design, and e-commerce, addressing the unique financial challenges faced by small business owners.Novo generates revenue primarily through transaction-based fees associated with their banking services and financial products. Users engage with Novo by utilizing their checking accounts, invoicing tools, and bookkeeping integrations, which involve various transactional activities such as deposits, withdrawals, and payment processing. The business model includes both B2B and direct-to-consumer transactions, allowing clients to manage their financial operations seamlessly. Specific revenue structures may encompass fees related to optional services like the Novo Business Credit Card™ and cash advance offerings from Novo Funding LLC, aimed at enhancing the financial efficiency of users and facilitating smoother cash flow management for small businesses.In November 2022, Novo Platform Inc. secured a USD 35 mn Series B funding round, led by GGV Capital as part of a larger USD 125 mn funding initiative. The company plans to utilize these funds to expand its small business banking platform, focusing on enhancing its product offerings and possibly entering new markets. Specific details about upcoming products or targeted geographic regions for expansion have not been disclosed.

## Funding rounds

- Series B, Nov 22, 2022, $35M — Granite Asia
- Series B, Jan 11, 2022, $90M — Crosslink Capital, Stripes, Valar, Rainfall Ventures, BoxGroup
- Series A, Jun 16, 2021, $41M — Crosslink Capital, Valar, Rainfall Ventures, BoxGroup, Red Sea Ventures
- Seed, Mar 29, 2019, $6.5M — RRE Ventures, Crosslink Capital, Stanford University, Rainfall Ventures, Red Sea Ventures, Hack VC

## Investors

- RRE Ventures (https://capitalatlas.ai/funds/rre-ventures) — Seed
- Crosslink Capital (https://capitalatlas.ai/funds/crosslink-capital) — Seed, Series A, Series B
- Stanford University — Seed
- Rainfall Ventures (https://capitalatlas.ai/funds/rainfall-ventures) — Seed, Series A, Series B
- Red Sea Ventures (https://capitalatlas.ai/funds/red-sea-ventures) — Seed, Series A
- Hack VC (https://capitalatlas.ai/funds/hack-vc) — Seed
- Valar (https://capitalatlas.ai/funds/valar) — Series A, Series B
- BoxGroup (https://capitalatlas.ai/funds/boxgroup) — Series A, Series B
- Stripes (https://capitalatlas.ai/funds/stripes) — Series B
- Granite Asia (https://capitalatlas.ai/funds/granite-asia) — Series B