The small business banking platform Novo has raised $90 million in Series B funding a $700 million valuation led by Stripes. The round also saw continued participation from existing investors Valar Ventures, Crosslink Capital, Rainfall Ventures, and BoxGroup.
This latest round brings Novo’s total funding to more than $135 million. With the additional $90 million, Novo plans to build out modern lending capabilities, integrations, and proprietary products. With new advanced features that entail a series of enhancements, the platform is focused on allowing small businesses to send and receive money more quickly.