Miami-based small business banking platform Novo has officially announced that they have raised $35 million in funding in a round led by GGV Capital at a pre-money valuation of $720 million, which is up from $610 million from back in January of this year.
Novo has raised upwards of $170 million in equity funding thus far, and is coming off a $90 million Series B fundraise led by growth equity firm Stripes back in January 2022.
Novo offers a suite of business banking tools focused on digitally-run micro and small businesses centered around a free checking account. The company was originally founded in New York back in 2018 before moving to Miami during the pandemic.
“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,” Michael Rangel, Novo CEO and co-founder, said in an official statement.
“GGV has been instrumental in scaling some of the world’s most successful technology companies across industries, from Airbnb to Square,” Rangel continued. “With their support, we look forward to reaching millions more small businesses in the coming years.”