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IAMI, June 7, 2023 — Novo, the powerfully simple financial platform for small businesses, today announced that it has been named one of the 2023 Forbes Fintech 50, highlighting “the top private companies that are transforming finance through technology.”
“When I learned we were being recognized for the second consecutive year on the Forbes Fintech 50, my hope was this recognition would shine a brighter light on the incredibly important role small businesses play in our society, and inspire more entrepreneurs to build solutions that truly help small business owners succeed,” said Michael Rangel, CEO and founder of Novo. “Our team is incredibly motivated to continue working closely with all of our small business customers — learning about their stories, their struggles, and how we can improve the Novo platform in ways that will make their businesses even stronger.”
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 has surpassed $15 billion in lifetime small business transactions, serving more than 200,000 small businesses across the US.
- Novo completed a pilot program for the company’s working capital product, Novo Funding. As part of this pilot, Novo has issued more than $25 million in working capital to small businesses.
- Novo launched Novo Boost for giving small businesses and freelancers same-day access to payments received through Stripe, and Express ACH for processing same- or next-day ACH payments. With Boost plus Express ACH, the typical week-long process of moving money from an e-commerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day. Since launching these new features, Novo has sped up nearly $500 million of deposits and payments.
- Novo raised an additional $35 million in funding from GGV Capital, bringing the company’s total funding to over $170 million, with additional investors including Stripes Group, Valar Ventures, and Crosslink Capital.
Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. To learn more, visit www.novo.co.
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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