03 August 2023

Novo launches working capital product for SMEs

Written By FinTech Alliance in SME

Novo launches working capital product for SMEs

Novo, a provider of digital-only banking services for US small businesses, has secured a $125m facility for the launch of a working capital product.

In brief:

-Victory Park Capital has provided the facility to back Novo Funding, offering small firms with instant access to up to $75,000 of working capital via their Novo account.

-The product comes shortly after Novo launched a small business debit card with a range of capabilities for transaction monitoring

-The application can be completed in under 10 minutes, with a review completed within 24 hours.

What does this mean?

Michael Rangel, CEO of Novo, says: "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.

Read more here.

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