Owners
Novo is a startup that develops a fintech platform for small and medium businesses, as well as freelancers.
History
2022: Raising $90 million, estimated at $700 million
In mid-January 2022 startup , Novo raised $90 million as part of the Series B investment round. The startup estimate from Miami grew to $700 million.
Novo plans to use the funds raised to develop its infrastructure, develop new products, in particular related to lending.
 | We're competing with big banks. They are the only ones who worry us, because they own 99% of the market, "said Novo CEO Michel Rangel. - We believe our product is better suited for business, but we are pleased to see others moving forward as well. |  |
Unlike a number of other non-banks, Novo does not apply the "embedded finance" approach, which involves the transfer of a number of basic services using APIs created by third parties that focus only on infrastructure and server services. Instead, it was decided to create your own core functions from scratch within the company. For example, Novo plans to submit a credit product in which loan applications will be evaluated quickly and accurately by entering and considering a wider set of data.[1]
Notes
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