Miami fintech Novo is hiring after securing an additional $35 million in investor funding.
Venture capital firm GGV Capital joined the startup's series B financing round, bringing that funding to $125 million. Novo co-founder and CEO Michael Rangel said the the firm has been instrumental in backing well known technology firms such as Airbnb and Square.
"With their support, we look forward to reaching millions more small businesses in the coming years," he said.
GGV Capital Principal Robin Li will join Novo's board as an observer.
Novo currently has 38 available jobs posted on LinkedIn, with positions based in Miami or New York. The company has more than 250 employees.
The startup's mobile banking platform supports a range of digital banking features for businesses, including free checking accounts and payment transfers.
Novo reports it has surpassed more than $12 billion in lifetime small business transactions and onboarded at least 180,000 customers.
Small businesses are more likely to be overlooked by large banks – a trend highlighted early in the pandemic, when ventures of all sizes vied for Paycheck Protection Program loans – making it difficult to access basic financial services. Novo reports it stands out because its platform is built specifically for small businesses, entrepreneurs and freelancers, with products that track e-commerce sales, cash flow insights, invoicing and more.
The company managed to secure additional capital in a tough fundraising environment. Fintech funding dropped 64% year-over in the third quarter of 2022, according to CB Insights. Funding for banking startups in particular reached its lowest level since late 2018.
Novo was among a wave of financial technology firms that established a presence in Miami in recent years. The trend accelerated after Mayor Francis Suarez kicked off a viral campaign to recruit those businesses to the area in a bid to brand Miami as the "capital of capital."
"The entire team at Novo have built a company that captures the Miami Movement in its entirety: a Miami-based company that leverages technology to provide small businesses a digital financial platform, connecting with their customers in an efficient, elegant manner," Suarez said in a statement.
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