Novo, a digital-only bank catering to US small businesses, has secured an additional $35 million investment from GGV Capital, enhancing its Series B funding round to a total of $125 million and bringing its overall equity funding to over $170 million.
Founded in 2018, Novo currently serves more than 180,000 small and medium-sized enterprises (SMEs) by offering a free, paperless business checking account with debit card access, all managed through a mobile app.
In the previous year, the company introduced an app marketplace, invoicing features, cash flow insight tools, and the capability to add up to five Reserves to user accounts.
Hans Tung, managing partner at GGV Capital, expressed his admiration for Novo’s ecosystem approach to small business checking, noting that the company has created a robust and user-friendly platform that enables SMBs to integrate all their business and financial applications with their Novo account. He added, “I’m confident that Novo will continue to scale its app partnerships effectively and become one of the most widely-used small business checking accounts in the United States.”