GGV Capital joins Novo’s Series B adds 35 million
GGV capital joins Novo Series B as a strategic investor and adds $35 million. After additional funding, total Series B funding totals $125 million
Novo, a fintech platform for small businesses, announces that GGV Capital is joining the company’s Series B as a strategic investor with an additional $35 million. This brings Novo’s Series B to $125 million and total equity funding to over $170 million.
According to the recent update, Robin Li, Director of GGV Capital will also join the board as an observer. The funding will reinforce Novo’s commitment to India through large-scale hiring and enhance its technological prowess by providing unparalleled service to customers.
Novo is announcing this additional capital at a time of significant growth for the company. Novo has exceeded over $12 billion in lifetime small business transactions and has attracted over 180,000 small business customers.
“Over the past year, we’ve added incredible new features to the Novo platform and brought in tens of thousands of new small business customers. GGV has been instrumental in scaling some of the world’s most successful technology companies across industries from Airbnb to Square. With their support, we look forward to reaching millions more small businesses in the years to come,” said Michael Rangel, CEO and Co-Founder of Novo.
Discussing the expansion plans for India, Ajar Upadhyay, Chief Operating Officer, India, Novo, said, “After securing Series A and B funding, we are focused on the following expansion plan, which calls to hire talented people in mid-level and senior management. jobs in banking, data and engineering in India over the next six months. We plan to double our current headcount by the end of next year. This will help us create a motivated team that is growing to take new steps in India.
“What impressed us most about Novo is their ecosystem approach to small business verification – they’ve built a robust and intuitive platform that allows SMBs to connect all of their businesses and financial applications to their Novo account,” said Hans Tung, Managing Partner at GGV Capital.
He added, “I’m confident that Novo will continue to effectively grow its app partnerships and become one of the most widely used small business checking accounts in the United States.”
Novo was recently listed on the Forbes Fintech 50 and Forbes Next Billion Dollar Startups, and was a winner of the South Florida Business Journal Fire Awards.