Novo, a New York, NY-based business banking platform, as per recent reports, has raised $4.8 million in a venture seed funding round to aid small and medium enterprises (SMEs) with no-fee FDIC-insured access to digital banking services.
The seed funding round was participated by Crosslink Capital, Red Sea Ventures, Hack VC, RRE, Rainfall, and Stanford Law School Venture Fund. Novo is a startup bank, which was announced last year, in Sep. 2018. The NY-based bank aims at providing small business owners with a business checking account in under ten minutes. Furthermore, Novo, claims it has no hidden fees, charges or paperwork, thus offering free business checking account and access to the debit card, all via the Novo mobile app.
“Today everything from your toaster to your thermostat can be integrated into your business’s workflow and we think your bank should be able to do the same,” says Tyler McIntyre, co-founder and CTO, Novo. “Traditional banks don’t understand the needs of founders and are held back by legacy technology. We built Novo from the ground up allowing us to deploy new features every week and integrate into the tools you already use for your business.”
Michael Rangel, co-founder and CEO, Novo, explains: “Our focus will be on onboarding the many account requests on our waitlist, as well as creating strategic partnerships with other value-added products and services to enhance the Novo ecosystem and customer experience in addition to expanding our team.”