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Novo secures $125m credit facility to provide working capital to SMEs

By Gloria Methri

August 03, 2023

  • FinTech
  • Novo
  • Novo Funding
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Novo, SMBs, Connected Payments, Novo Invoices, Free Invoicing Application, Google Pay, Pay with PayPal, Venmo, FinTech, ACH Transfer, USAMiami-based financial platform Novo is seeking to connect small businesses with working capital through the launch of its new offering Novo Funding. The company has also secured a $125 million facility from Victory Park Capital (VPC), which will be used to offer instant cash 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. “Some use credit cards with exorbitant interest rates, while others attempt to go through a week 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.”

“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 funding product.”

The working capital product is the latest in a series of offerings the company has recently introduced to help small business owners improve their cash flow. This year, the company 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 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.

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