Novo announced a $90 million Series B on January 11, 2022, at a reported $700 million valuation. Stripes led the round, and Novo said it would use the money to expand lending, integrations, and products aimed at helping small businesses move money more easily. Those figures and plans describe the 2022 announcement, not Novo’s current valuation or operating metrics.
What Novo announced in January 2022
Novo said the Series B brought its total funding to more than $135 million. Its announcement named Stripes as lead investor and said four existing investors joined the round: Valar Ventures, Crosslink Capital, Rainfall Ventures, and BoxGroup. Novo’s January 11, 2022 announcement reported the round amount, valuation, investors, and cumulative funding.
What Novo said it would build with the funding
Novo described the financing as support for modern lending capabilities, integrations, and proprietary products intended to help small businesses send and receive money more quickly. The announcement also pointed to an app marketplace and invoicing features. These were company-stated plans and product descriptions at the time, not proof that every planned capability was launched or achieved its intended result.
How large Novo was at the time
TechCrunch reported that Novo had 150,000 U.S. small-business customers and had processed more than $5 billion in lifetime transactions around the announcement. Those are announcement-era figures reported in 2022; they should not be read as current customer or transaction totals. TechCrunch’s 2022 coverage is the source for those metrics.
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What is known about Novo now—and what is not
Novo’s official help page, updated September 13, 2026, says, “Novo is a fintech, not a bank.” It identifies Middlesex Federal Savings, F.A. as the provider of banking services and also identifies Continental Bank in connection with certain credit or loan products. The fintech and the banks therefore have distinct roles. Novo’s help page provides its current description.
Novo’s current product information describes business loans, a business credit card, and business funding through a merchant cash advance. Availability and approval depend on eligibility and underwriting, so the listing does not mean every Novo customer can access each product. Novo’s product page describes these offerings, while its funding information addresses eligibility and underwriting.
The sources available here do not establish a later valuation or financing history. The $700 million valuation, $90 million round, and more-than-$135-million cumulative funding total refer to Novo’s January 2022 announcement; no current valuation should be inferred from them.
Quick Recap
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Rank #3
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