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.
