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IAMI, August 1, 2023 — Novo, the powerfully simple® financial platform for small businesses, today announced the launch of Novo Funding, offering small businesses a fast and flexible way to access working capital. The company has also secured a $125 million facility from Victory Park Capital (“VPC”), which will be used to provide working capital through Novo Funding.
“When a small business owner wants to invest in their business growth or simply needs additional funding to cover an upcoming payroll cycle, they have incredibly limited options for accessing capital,” said Michael Rangel, founder and CEO of Novo. “Some use credit cards with exorbitant interest rates, while others attempt to go through a weeks- or months-long application process with a traditional lender and are not able to access the capital until long after they need it. Novo Funding is built to support small business owners’ short-term financial needs and long-term ambitions with a seamless working capital experience.”
Novo Funding offers small businesses a range of benefits, including:
- Streamlined application process: The Novo Funding application can be completed in under 10 minutes, and Novo will complete its review within 24 hours of receiving the application.
- Instant access to funds: Once approved, the small business will have instant access to up to $75,000 of working capital via their Novo account.
- Autonomy over fund deployment: Small businesses that receive funding have full discretion over how to use the working capital, from purchasing new equipment to investing in marketing.
- Only pay for the funds accessed: Small businesses can draw any amount of funds from their limit, and repayments replenish their available funding.
- Straightforward repayment: Novo provides a clear transfer schedule outlining each repayment, with standard repayment of six months per draw.
“After completing a pilot of Novo Funding in which thousands of small business owners accessed more than $35 million, we heard time and again how Novo Funding was by far the best option for accessing capital,” said Kevin Phillips, EVP of Credit at Novo. “There’s simply no other small business working capital product on the market that combines the speed and simplicity of Novo Funding.”
“Small businesses represent a significant segment of the U.S. economy, and Novo has created a user-friendly product to alleviate a frequent pain point for them,” said Jason Brown, Partner at VPC. “Michael and the Novo team have thoughtfully expanded their offerings to meet the financial needs of small business owners, and we are pleased to be partnering with them to support the new Novo Funding product.”
Novo Funding is the latest in a series of offerings the company has recently introduced to help small business owners improve their cash flow. This year, Novo has launched a new small business debit card with a range of capabilities for transaction monitoring, completed a Gusto integration for embedded payroll visibility, and announced enhancements to Novo Invoices to help small business owners receive payments faster. Novo was also recently recognized on the 2023 Forbes Fintech 50, an annual list of the most innovative private fintech companies.
Novo Funding is available to small businesses that have been operational for at least six months and have at least six months of business checking account transaction history. For additional details about Novo Funding, including the qualifications to apply, please visit https://www.novo.co/funding.
About Novo
Novo Platform, Inc. (“Novo”) is the powerfully simple financial platform for small businesses. To learn more, visit www.novo.co.
About Victory Park Capital
Victory Park Capital Advisors, LLC is an SEC-registered, established credit manager. The Firm was founded in 2007 and is headquartered in Chicago, Illinois, with additional resources in New York, Los Angeles, San Francisco, and London. VPC provides custom financing solutions across the private capital spectrum, focusing on companies with strong corporate governance and a compelling growth trajectory. VPC invests in emerging and established businesses across various industries worldwide. For more information, please visit www.victoryparkcapital.com.
Media Contacts
Novo
Alex Parks
alex.parks@novo.co
Victory Park Capital
Jordan Niezelski, Edelman Smithfield
jordan.niezelski@edelmansmithfield.com
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.; Member FDIC.
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.
The Novo Mastercard is issued by Patriot Bank, N.A., pursuant to licenses from Mastercard International Incorporated. Mastercard® can be used anywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Inc.
Merchant Cash Advance products and services are offered by Novo Funding LLC (“Novo Funding”), a wholly owned subsidiary of Novo.
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