Novo, a small business banking platform based in United States, recently raised $40.7 million (Rs. 302 crores) in a Series A round led by Valar Ventures, with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup. The startup announces that it will utilize the funds for expansion in India.

Novo is a banking platform powered by a network of FDIC-insured community banks that offers better business deposit accounts to today's businesses.

“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),” commented Michael Rangel, Co-Founder & CEO, Novo.

Novo, founded by Tyler McIntyre and Michael Rangel, is a customer-first banking platform for the modern entrepreneur, allowing users to bank on their own terms.

It enables users to open a robust business checking account digitally in minutes, with no minimum balance requirements, no hidden fees, no paperwork, and free business checking and debit card access.

Novo, which focuses on customer service and user experience, integrates with Slack, Stripe, Xero, Zapier, and TransferWise to provide entrepreneurs with real-time insights and notifications on the financial health of their small businesses. Novo is headquartered in New York City and has a full-time development team in India.

Ajar Upadhyay, Director of Operations - India, Novo, stated, “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.”