Small business banking platform Novo has announced that it has raised $40.7 million in Series A funding round in order to scale digital banking platform for small businesses.
Valar Ventures led the round, with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup.
Speaking on the investment, Michael Rangel, Co-Founder & CEO, Novo, said, “Novo has witnessed deeper investor interest in recent times, especially owing to the pandemic enhancing the role of virtual support ecosystem. India, being one of the fastest growing economies, is a vital market for us. Novo is focused on creating jobs in India in support operations and building advanced technology, enabled by our funding partners. Presently, Novo has a strength of over 50 employees in India and plans to triple it to 150 by this Financial Year (FY 22)”
Ajar Upadhyay, Director of Operations – India, Novo, added, “At Novo, we have support operations in India across Gurgaon, Ahmedabad and Bengaluru. The funding will be utilised to expand Operations, Banking, Product and, most importantly, Engineering verticals, and enhance hiring across key and support roles in India.”
“The ability of the Novo team to grow the company rapidly during a year where businesses have faced unprecedented challenges is impressive,” said Andrew McCormack, founding partner at Valar Ventures. “Novo tripled its small business customer base in the first half of 2021! Their custom infrastructure and banking platform put them in prime position to expand their services at an even faster pace as we come out of the health crisis. All of us at Valar Ventures are excited to join this team.”
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.