Novo Series-A

This is the Novo pitch deck to raise a $40.7m series-a round in 2021.

About

Novo is a digital banking platform for small business owners, entrepreneurs, and freelancers. It provides better business deposit accounts to today’s companies and is powered by a network of FDIC-insured community banks. The company was founded in 2018 and is headquartered in Miami, Florida.

Business banking is a hot market in fintech. And it seems investors can’t get enough.

Novo, the digital banking fintech aimed at small e-commerce businesses, raised a $40.7 million Series A led by Valar Ventures in June. Since its launch in 2018, Novo has signed up 100,000 small businesses. Beyond bank accounts, it offers expense management, a corporate card, and integrates with e-commerce infrastructure players like Shopify, Stripe, and Wise.

Founded in 2018, Novo was based in New York City, but has since moved its headquarters to Miami.

Small business-focused fintech a crowded space, with several players emerging over the last few years. The likes of Brex, Divvy, and Ramp focus on corporate cards and expense management. Divvy was acquired by Bill.com for $2.5 billion in June. Ramp secured a $1.6 billion valuation in April, just over a year since it launched in February 2020.

There are also fintechs like BlueVine that started in small-business payments, and have since added banking services. And there are competitors including Rho that, like Novo, launched with business bank accounts and have since added cards and payments.

Funding rounds

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