Novo, a fintech platform for small businesses, announces that GGV Capital joins 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 recent update, 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.
Novo is announcing this additional capital during a time of significant growth for the company. Novo has surpassed more than $12 billion in lifetime small business transactions and has brought on 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 Operations, India, Novo, said, “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. This will help us create a motivated team that is expanding to achieve new milestones in India.”
“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.
He added, “I’m confident that Novo will continue to scale its app partnerships effectively, and become one of the most widely-used small business checking accounts in the United States.”
Novo has recently been listed on the Forbes Fintech 50 and Forbes Next Billion Dollar Startups, and was a winner of the South Florida Business Journal Fire Awards.