Novo, the SMB neobank, nabs $90M at a $700M valuation
Novo, the startup building a new kind of banking service from the ground up for small and medium businesses, has closed a significant round of funding to take the next step in growing its platform.
It has raised $90 million, a Series B round that values the Miami-based startup at $700 million, funding that it will use to build out its infrastructure (going from 24,000 customers to 150,000 is no small feat); to add in new products, specifically around lending; and to acquire more customers.
