Novo, a digital-only financial institution for US small companies, has topped up its Collection B funding spherical with a $35 million funding from GGV Capital.
Launched in 2018, Novo now providers greater than 180,000 SMEs, offering entry to a free paperless enterprise checking account with debit card entry, all managed by means of a cellular app.
Final yr the agency added an app market, invoicing, money stream perception instruments and the flexibility so as to add as much as 5 Reserves to their accounts.
Hans Tung, managing companion, GGV Capital, says: “What’s impressed us most about Novo is their ecosystem method to small enterprise checking — they’ve constructed a strong, intuitive platform that permits SMBs to attach all of their enterprise and monetary purposes to their Novo account.
“I’m assured that Novo will proceed to scale its app partnerships successfully, and grow to be one of the crucial widely-used small enterprise checking accounts in the US.”