Novo is an SMB bank platform based in the US that helps small to mid-sized businesses manage their finances. This platform is powered by innovative technology, including artificial intelligence and cloud computing.
Novo recently announced a successful round of funding, raising $90 million to increase its reach and further develop its suite of financial solutions.
The following sections will discuss an overview of the platform, its features, and more.
What is Novo?
Novo is an SMB banking platform that provides businesses with tools for managing their finances, payments, and invoicing. Launched in 2017, Novo is a modern, cloud-based solution that provides financial insights, real-time bank connections, secure payments processing and integrated tax filing.
Novo’s platform helps businesses keep track of their finances in one place and make more informed decisions with data-driven insights. Its visual dashboard shows key financial metrics such as customer lifetime value (LTV), top customer segments, and customer churn rate to help businesses better understand the health of their business. It also offers automated customer segmentation to identify the best customers for targeted marketing campaigns.
From invoices to payouts and expenses to payments monitoring – Novo has everything a business needs to automate its financial management processes and save time on manual tasks. Every customer transaction can be tracked with a simple click of the mouse, making it easier for businesses to comply with government regulations.
Novo’s platform also allows businesses to offer financial services such as debit card processing or payroll automation without requiring additional software integrations or contracts thanks to its white label partnerships with leading banks like Chase Bank & Wells Fargo. In March 2021, Novo raised $90M in funding from venture capital firms KKR & Index Ventures which will help accelerate product development & innovation on the platform.
Novo’s mission
Novo is a SMB banking platform working to help empower millions of small businesses natively on the web, mobile and through their bank partners. Novo helps create better products tailored to the unique needs of small business owners, allowing them to securely store, manage, send and receive funds.
Through this platform, Novo seeks to improve the money management experience for its customers by providing an easy-to-use yet comprehensive system so they can get back to managing their businesses and personal finances.
The company has raised over $90 million in Series A funding, demonstrating its commitment to helping empower small business owners. By creating a more streamlined banking experience for those who are just getting started or have seen growth in the last few years, Novo strives to be a leader in the SMB banking sector. In addition, it hopes to continuously innovate and streamline managing business accounts so that more resources can be dedicated elsewhere within each organization.
Overview of Novo
Novo is a banking platform catered to small and medium-sized businesses (SMBs). It is a cloud-based platform that provides integrated banking features to SMBs, enabling them to manage their money efficiently and easily.
Novo recently raised $90M in funding, which makes it one of the fastest-growing SMB bank platforms in the world. In this article, let’s take a closer look at Novo, how it works, and its features.
How does Novo work?
Novo is an SMB bank platform that helps businesses provide a better banking experience for their employees. It offers a comprehensive suite of products and services, such as payroll, debit cards, chequing accounts, loans and more — designed to help businesses efficiently manage their finances.
Novo provides a streamlined experience for business owners. They can set up corporate accounts in just minutes and gain access to cash flow management and real-time analytical insights. In addition, Novo’s innovative cloud-based solution integrates seamlessly with existing software suites like QuickBooks or Xero, as well as financial institutions nationwide —allowing them to easily manage and monitor their finances across multiple channels.
Additionally, Novo has recently raised $90 million in funding to continue building its product offerings and expanding its user base. With the help of this investment, Novo aims to be the go-to choice for small business owners looking for an easy-to-use financial platform that keeps track of cash flow and helps with business decisions.
What services does Novo offer?
Novo is a cloud-based small, medium and business (SMB) banking platform that helps SMB owners, entrepreneurs and financial advisors manage their finances efficiently. It was founded in 2019 to empower SMB owners and entrepreneurs by providing them with the tools and insights necessary to efficiently manage their businesses. Novo offers cash flow management, budgeting, invoicing, payroll and tax filing services.
The platform is tailored to meet the financial needs of any size or type of business — from start ups to established companies — as well as individuals. It helps users stay ahead with cash flow forecasting that predicts 21 days out, catch-up payments & future bills; drill down into receivables & payables; track spending by category; and get caught up on taxes & more.
In addition to providing powerful trend analysis of expenses and other financial metrics, Novo provides personalized customer support to users through its mobile app. For example, users can use the mobile app to schedule one-on-one calls with experienced advisors who can answer questions or offer guidance on using the platform most effectively.
Moreover, businesses connected to Novo can take advantage of its various partnerships in the banking industry for discounted rates on credit cards, merchant accounts and other services. Most recently in May 2021, Novo announced a $90 million Series C investment round led by Crescent Capital Group which is expected to help expand its product offerings even further.
Benefits of Novo
Novo is a business banking platform that aims to provide companies with tools to more efficiently manage their finances. It has recently secured $90M in a Series B funding round.
It includes real-time insights, access to multiple accounts within a single platform, and automated bookkeeping.
Let’s look into some of Novo’s benefits to your business.
Cost savings for businesses
Businesses using Novo can benefit from significant cost savings compared to traditional banking options. This is because the platform offers discounts on currency exchange services, access to low-cost global payments, and lower transaction fees.
Novo integrates with other software solutions businesses already use, such as accounting and invoicing apps. This helps streamline processes and save time when purchasing or paying suppliers worldwide.
Additionally, Novo offers a reliable and secure platform which helps protect customers’ data from cyber threats or security flaws that may be present in other banking infrastructures.
Improved customer experience
Novo is an innovative turnkey SMB banking platform for financial institutions that can be deployed quickly, at scale. It aims to increase customer engagement, improve the customer journey and drive better banking results. The platform enables financial institutions to provide better customer services, while improving their cost base through automation and optimizing their processes.
With Novo’s user-friendly interface and streamlined visualization of customer information, financial institutions can deliver faster decision making, improved customer experience and more customized services. Additionally, Novo supports the delivery of tailored experiences according to numerous client needs through its modular features. Those features range from custom interest rates, bundling products & services into packages or smart saving plans.
Novo also allows banks to offer richer solutions like personal finance management (PFM), balance sheet analytics and credit management. Using artificial intelligence (AI) and machine learning capabilities, Novo helps accountants automatically assess performance metrics so clients won’t have to invest extra time into manual analysis or costly third-party solutions. All these solutions allow financial institutions to build lasting relationships with their customers and create more effective back office systems that help benefit from increased efficiency and cost savings in all areas of their businesses.
SMB Bank Platform Novo Raises $90M
SMB bank platform Novo recently announced $90 million in funding, and the news quickly spread throughout the financial industry.
Novo, an online banking platform designed to help small business owners grow and scale their businesses, is an innovative technology gaining traction in financial services.
Let’s delve deeper into what Novo is, how it works and how this recent funding could help further the financial services sector.
SMB Bank Platform Novo Raises $90M
The San Francisco-based SMB banking platform Novo recently secured $90 million in a Series A funding round led by Bessemer Venture Partners. The round was coupled with a debt financing by Silicon Valley Bank, raising the total to over $100 million. This investment brings Novo’s total capital raised to date to over $110 million and will help the company scale its operations, hire new talent and develop its digital banking product.
Novo is an AI-driven SMB bank platform that helps streamline business activities like integrating accounting, payroll and cash flow management into one cohesive system. In addition, the software helps small businesses automate manual tasks, think beyond traditional business models, and foster supplier relationships. The goal is to provide access to various financial services on their app or through its integrated partners like Hive, Vyze, Gravity Payments and Kabbage.
The funding round also included Operator Partners, Core Innovation Capital and Canapi Ventures participation. Investing on behalf of Novo’s existing institutional investors were Threshold Ventures (formerly DFJ Venture), Fintop Capital and Goodwater Capital. In addition, equity crowdfunding through Republic also contributed a portion of the overall raise from over 3600 investors from more than 20 countries worldwide via digital security offering on Republic’s investment platform Reg CF. Fueled by this influx of funding, the company aims to recruit executive talent to build out its product suite and fast-track international expansion in partnership with global banks seeking innovative technologies modernizing financial services for SMBs worldwide.
How the funding will be used
Novo, the online SMB banking platform, recently raised $90 million in funding. This investment will primarily be used to further develop the Novo banking ecosystem and expand their product and service offerings.
This additional funding will enable Novo to build more value-added services like cash flow optimization tools and help business owners save money through vendor partnerships. In addition, they’ll introduce new AI-based risk management capabilities to detect suspicious activity early on, which could help protect businesses from fraud and security threats before they become too expensive. With this new capital, Novo hopes to revolutionize how small businesses access financial services in today’s digital world.
In addition, Novo plans to invest in efforts to reach underserved markets worldwide. The company has partnered with 10 banks throughout the Middle East & North Africa (MENA) region and looks forward to expanding its presence in other markets like Sub-Saharan Africa (SSA). With ongoing investments from major players like Goldman Sachs, SoftBank Vision Fund 2, Volkswagen Financial Services AG, Singtel Innov8 and XYZ Capital Group among many others, Novo is sure of achieving significant growth for its banking platform globally during 2021-2022.
Conclusion
Novo, a Silicon Valley-based company, is focused on providing secure, reliable and cost-effective banking services to Small and Medium Businesses (SMBs). The platform allows SMBs to manage cash flow and payments, reduce manual processes and administrative costs associated with traditional banks, and expand their customer base through its payables business.
With Novo’s comprehensive suite of services which includes faster onboarding of accounts; automated international payments; fraud protection services; business analytics for performance tracking; cross-border money transfers; mobile payment options; bill payment across 100+ countries; faster processing of transactions during peak hours; and real-time access to global currencies, SMBs now have an accessible solution that enables them to grow their businesses with confidence.
Novo recently raised $90M in an investment round led by venture capital firm Index Ventures. The funds will be used to ramp up the platform’s marketing efforts while expanding its operations in the US and internationally. The company has already raised $126 million including investments from some of the world’s leading financial institutions such as Wells Fargo Strategic Capital, Goldman Sachs Investment Group, Accel Partners and General Atlantic. These funds have enabled the platform to become one of today’s market’s most comprehensive banking solutions.
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