Novo has added a debit card to its financial platform for small businesses. The new Novo Debit Card features transaction monitoring, fraud alerts and in-app controls designed to help small business owners keep track of their transaction activity, the company said in a Thursday (June 22) press release....
Novo is conducting a pilot of a working capital program designed for small business owners. Over the last six months, the pilot program by the financial platform for small businesses has originated more than $20 million in merchant cash advances, worked with 3,000 customers and...
With 80% of Gen Z consumers now eager to complete complicated banking tasks such as loan applications online, the race to win these digital-only customers is just beginning. In the "Digital-First Banking Tracker®", Novo’s Grant Sahag tells PYMNTS how important personalization and automation are in...
The importance of digital banking is about to grow. Spurred by the closure of almost 3,000 physical branches in the United States in 2021, customers say they expect 61% of their banking business to be digital by 2024, with the biggest increases consisting of more...
January 18, 2022
Small business banking suffers from a “square peg, round hole” problem. Michael Rangel, CEO of challenger bank Novo, told PYMNTS’ Karen Webster that small- to medium-sized businesses (SMBs) — notably, the smallest among them — are an afterthought for the marquee names in banking, the incumbents looking simply for top-line torque. After all, why would […]
August 03, 2023
Novo has launched a new offering to help small businesses access working capital. The company has also secured a $125 million facility from Victory Park Capital (VPC) to provide working capital via the new offering, which is called Novo Funding, Novo said in a Tuesday (Aug. 1) press release. “When a small business owner wants […]
June 22, 2023
Novo has added a debit card to its financial platform for small businesses. The new Novo Debit Card features transaction monitoring, fraud alerts and in-app controls designed to help small business owners keep...
March 29, 2023
Novo is conducting a pilot of a working capital program designed for small business owners. Over the last six months, the pilot program by the financial platform for small businesses...
January 11, 2022
Novo announced Tuesday (Jan. 11) it has raised $90 million in Series B funding, bringing the valuation of the small business banking platform to $700 million. The funding round was...
