Novo Raises $40.7M in Series A Funding
- Novo, a NYC-based small business banking platform, raised $40.7M in Series A funding
- The round was led by Valar Ventures with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup
- The company will use the funds to continue building out the platform and to double its headcount over the next year
- Led by Michael Rangel, CEO, and Tyler McIntyre, CTO, the company provides a banking platform for small businesses
- Since launching in 2018, more than 100,000 small businesses have opened an account
- In 2021, the company surpassed $1 billion in lifetime transactions, announced a number of new features, opened a new office in Miami, and grew its leadership team
