Novo Ranks No. 38 on the 2023 Inc. 5000

IAMI, August 15, 2023 — Inc. revealed today that Novo, the powerfully simple® financial platform for small businesses, ranks No. 38  on the 2023 Inc. 5000, its annual list of the fastest-growing private companies in America. The prestigious ranking provides a data-driven look at the most successful companies within the economy’s most dynamic segment—its independent, entrepreneurial businesses. 

“I’d like to dedicate Inc.’s  recognition to all of our small business customers, who work every day to create jobs, give back to their communities, and provide products and services that people love,” said Michael Rangel, CEO & founder of Novo. “I’d also like to thank our incredible team, who has worked tirelessly to build the best possible financial platform for small businesses. Over the last three years, Novo has gone from serving dozens to hundreds of thousands of small businesses across the U.S. Throughout this growth, our team has remained committed to not just providing another ‘checking account’ to small business owners, but building a solution that truly helps them save time and money.”

The Inc. 5000 class of 2023 represents companies that have driven rapid revenue growth while navigating inflationary pressure, the rising costs of capital, and seemingly intractable hiring challenges. Among this year’s top 500 companies, the average median three-year revenue growth rate ticked up to an astonishing 2,238 percent. In all, this year’s Inc. 5000 companies have added 1,187,266 jobs to the economy over the past three years.

“Running a business has only gotten harder since the end of the pandemic,” says Inc. editor-in-chief Scott Omelianuk. “To make the Inc. 5000—with the fast growth that requires—is truly an accomplishment. Inc. is thrilled to honor the companies that are building our future.”

Novo has been named on the Inc. 5000 during a year where the company has launched a number of new solutions to help small businesses improve their cash flow. Novo recently announced Novo Funding, offering small businesses a fast and flexible way to access working capital. Novo also recently launched new capabilities for the company’s free invoicing application, a new small business debit card with a range of capabilities for transaction monitoring, and completed a Gusto integration for embedded payroll visibility.

For complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, location, and other criteria, go to www.inc.com/inc5000. The top 500 companies are featured in the September issue of Inc. magazine, available on newsstands beginning Tuesday, August 23.

More about Inc. and the Inc. 5000

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Methodology

Companies on the 2023 Inc. 5000 are ranked according to percentage revenue growth from 2019 to 2022. To qualify, companies must have been founded and generating revenue by March 31, 2019. They must be U.S.-based, privately held, for-profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2022. (Since then, some on the list may have gone public or been acquired.) The minimum revenue required for 2019 is $100,000; the minimum for 2022 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Growth rates used to determine company rankings were calculated to four decimal places.

About Inc.

Inc. Business Media is the leading multimedia brand for entrepreneurs. Through its journalism, Inc. aims to inform, educate, and elevate the profile of our community: the risk-takers, the innovators, and the ultra-driven go-getters who are creating our future. Inc.’s award-winning work reaches more than 50 million people across a variety of channels, including events, print, digital, video, podcasts, newsletters, and social media. Its proprietary Inc. 5000 list, produced every year since 1982, analyzes company data to rank the fastest-growing privately held businesses in the United States. The recognition that comes with inclusion on this and other prestigious Inc. lists, such as Female Founders and Power Partners, gives the founders of top businesses the opportunity to engage with an exclusive community of their peers, and credibility that helps them drive sales and recruit talent. For more information, visit www.inc.com. 

For more information on the Inc. 5000 Conference & Gala, slated for October 31 - November 2 in San Antonio, visit http://conference.inc.com/. 

About Novo

Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. To learn more, visit www.novo.co.

Disclosure

Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.

Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.

Merchant Cash Advance products and services are offered by Novo Funding LLC (“Novo Funding”), a wholly owned subsidiary of Novo. Merchant Cash Advances require a Novo checking account.

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