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IAMI, January 23, 2024 – Novo, the powerfully simple® financial solutions platform for small businesses was named to the 2024 Fintech Innovation 50, an annual list launched by GGV Capital U.S. in partnership with Crunchbase, to recognize the most promising fintech companies in the eyes of startup investors.
GGV Capital U.S. partnered with 44 investment firms to nominate and vote on 150 companies in order to select the 50 honorees. Having raised more than $12 billion collectively, the Fintech Innovation 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. In celebration, honorees will ring the Opening Bell at the Nasdaq MarketSite today.
“Despite many banks and fintech companies claiming that they’re focused on small businesses, the truth is that virtually all of their ‘small business’ solutions are geared toward the less than 10% of U.S. businesses that make more than $1 million in revenue annually,” said Michael Rangel, founder and CEO of Novo. “Since launching Novo in 2018, our team has always been focused on building the best possible financial platform for these forgotten small business owners. Understanding that the checking account is at the center of a small business’s finances, Novo has created a robust platform around the checking account that helps small businesses automate back-office tasks like invoicing and accounting, understand how much money is coming in without having to jump between multiple applications, apply for working capital quickly, and much more.”
Over the last year, Novo has introduced a series of powerful tools, integrations, and partnerships to help small business owners manage their finances, improve their cash flow, and save money, including:
- Novo Funding, offering small businesses a fast and flexible way to access working capital.
- A range of new capabilities for Novo Invoices, Novo’s free invoicing application that small businesses have used to receive more than $500 million in payments.
- Partnerships with Squarespace for website building, LegalZoom for legal services, and Fiverr Pro for business services.
- Integrations with Amazon for sales and revenue tracking, and QuickBooks for accounting.
“We believe the long-term tides are in fintech's favor. Market shares are increasingly captured by disruptors and value-added enablers,” said Hans Tung, Managing Partner, GGV Capital U.S. “Congratulations to the Fintech Innovation 50 honorees!"
About Novo
Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. To learn more, visit novo.co.
About Fintech Innovation 50
The Fintech Innovation 50 includes the most promising fintech startups as nominated and voted on by 44 investment firms, in partnership with Crunchbase. This year, 150 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, the U.S. as a primary market, and Series A stage financing. For more information about participating investors and list methodology, visit www.fintechinnovation50.com.
About GGV Capital U.S.
GGV Capital U.S. is an American venture capital firm focused on early-to-growth investments in technology companies across North America, Israel, Europe, Latin America, and India. We are dedicated to fostering innovation and supporting the next generation of leaders in the tech industry, including Affirm, Airbnb, Bowery Farming, Drata, Handshake, HashiCorp, Ibotta, Quince, Slack, Slice, Square, StockX, Vercel, Zendesk, and more.
GGV Capital U.S. is a longtime investor in the global fintech sector, with more than 10 investments, including ADDI, Affirm (AFRM), Aven, Block (SQ), Clara, Divvy Homes, Frubana, IDwall, Northstar, Novo,and Stori. More information can be found at www.ggvc.com and @ggvcapital.
Contact:
Alex Parks
Email: alex.parks@novo.co
Mobile: 617-784-8863
Christine Hinton, GGV Capital U.S.
Email: chinton@ggvc.com
Mobile: +1 415.939.0139
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.
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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