Miami Tech & Startup News

Novo launches new tool to help small businesses keep track of their finances

Novo launches new tool to help small businesses keep track of their finances

Novo, a Miami Fintech that offers a banking platform for small businesses, has just announced the launch of Novo App Marketplace. The goal of this new product is to help small business owners gain visibility into their overall finances and cash flow. 

Product Manager Chris Danison noted in a statement that small businesses struggle because they rely on a patchwork of financial tools: “Today, one of the biggest financial pain points for small businesses is piecing together their cash flow through myriad online portals — their bank, the multiple sites they sell their products on, their payroll service, their invoicing application, and more.” The idea with Novo App Marketplace, according to Danison, is that users can see everything in one place.

The free product, which has already been deployed to Novo’s more than 100,000 customers, can be customized to fit their individual needs. And it will continue getting better over time, said Danison: “As the Novo App Marketplace expands, so will small businesses’ ability to tailor and optimize what their digital banking solutions can do for them.”

Michael Rangel, a native South Floridian and co-founder and CEO of Novo, said that “online banking products don’t work well with the financial applications business owners prefer using.” 

Novo, on the other hand, is making an effort to improve the banking experience for its customers. “At Novo, we’re embracing the uniqueness of small businesses across the country and empowering them to customize their banking experience as they see fit,” said Rangel. 

Over the last year, Novo has experienced significant growth. Refresh Miami reported on the company’s move to Miami last April. Since then, the company has doubled its Miami headcount to 12. Overall, the company has 35 employees in the US, 15 of which are in New York while 8 work remotely. That’s up from the 20 US-based employees Novo had when we sat down with Rangel in April. The startup also has a significant presence in India.

In June, Novo announced a $40.7 million Series A round, led by the Peter Thiel-founded Valar Ventures and believed to be one of the largest Series A rounds ever for a challenger bank. “This is it. This is THE Miami story — I want to thank Novo for putting faith in their city and further proving exactly what Miami businesses are capable of,” Miami Mayor Francis Suarez said at the time.

Since Rangel and CTO Tyler McIntyre co-founded Novo in 2018, the company has surpassed $4 billion in transactions – $3 billion of which were processed in 2021 alone.

Novo is currently hiring for a wide range of positions in Miami, New York, and remote, including marketing, product, and banking roles.

Novo co-founders Michael Rangel and Tyler McIntyre.

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Riley Kaminer