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IAMI, June 9, 2022 — Novo, the powerfully simple financial platform for small businesses, today announced that it has been named one of the 2022 Forbes Fintech 50, highlighting “the top private companies that are transforming finance through technology.”
“The past several years brought a proliferation of startups offering tech-fueled banking services for other companies—and aiming to shake up the fusty banking establishment in the process,” wrote Forbes Staff Writer Jeff Kauflin in The Future Of Business To Business Banking: Fintech 50 2022. “[Novo is] aiming to replace the big banks as the go-to provider of checking accounts and other banking services for small businesses. The company took a slow and steady approach: It was founded in 2016 but didn’t launch until 2018, taking time to build its app from scratch instead of relying on third-party APIs.” (Disclosure: Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.)
Novo’s recognition on the Forbes Fintech 50 comes at a time of significant business growth and product launches for the company. Key milestones include:
- Novo raised more than $130 million from leading fintech investors like Stripes Group and Valar Ventures, added more than 100,000 new small business customers, and surpassed $8 billion in lifetime small business transactions.
- Novo introduced the Novo App Marketplace to help small businesses unify their finances, saving them time and money on business management. With the Novo App Marketplace, small businesses can set up their platform to give them instant visibility into everything from e-commerce sales, to pending invoices, and cash-on-hand. The Novo App Marketplace also allows small businesses to take advantage of dozens of integrations, and manage connections with hundreds of platforms. Instead of having to jump between several applications for small business financial tasks such as sending out invoices or creating reserve accounts for accounting, users can conduct many of their financial workflows in one place via the Novo platform, saving them time and resources.
- Novo also launched Novo Boost, making it the only financial platform that gives small businesses and freelancers same day access to payments received through e-commerce platforms. While some fintech companies and banks claim to offer instant payouts, Novo saw that the market is filled with solutions that come with significant fees, or serve well-established corporations instead of the millions of small business owners and freelancers that would benefit most from faster payments.
“Our mission has always been about leveling the field for all small businesses and giving them an edge,” said Michael Rangel, CEO and co-founder of Novo. “Instead of opting for incremental improvements to small business checking, Novo built a checking account and ecosystem of financial products that help small businesses improve and control their cash flow. We are truly honored to receive this recognition from Forbes, and look forward to helping millions more small businesses grow and succeed in the years to come.”
About Novo
Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and financial technology platform built for small businesses. To learn more, visit www.novo.co. Novo Boost and early availability of funds are governed by the program terms and conditions outlined here.
Disclosure
Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.
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