• GGV Capital joins Novo’s Series B as a strategic investor; capital will be used to scale small business checking account integrations and partnerships

• The fund raised will also be deployed towards the expansion of India operations

Novo, the powerfully simple fintech platform for small businesses, announced that GGV Capital has joined the company’s Series B as a strategic investor with an additional $35 million. This brings Novo’s Series B to $125 million, and total equity funding to more than $170 million. Robin Li, Principal, GGV Capital will join the board as an observer. The funding will deepen Novo’s commitment to India through large-scale hiring and enhance its technological prowess in offering unparalleled service to customers.

“Over the last year, we’ve added incredible new functionality to the Novo Platform and brought on tens of thousands of new small business customers. GGV has been instrumental in scaling some of the world’s most successful technology companies across industries, from Airbnb to Square. With their support, we look forward to reaching millions more small businesses in the coming years,” said Michael Rangel, CEO and Co-founder of Novo.

Addressing the expansion plans for India, Ajar Upadhyay, Director, Operations, India, Novo, said, “After securing Series A and B funding, we are concentrating on the following expansion plan, which calls for hiring talented individuals in middle and top-level management positions in banking, data and engineering in India over the next six months, we expect to double our current workforce by end of next year. This will help us create a motivated team that is expanding to achieve new milestones in India.”

“What’s impressed us most about Novo is their ecosystem approach to small business checking - they’ve built a robust, intuitive platform that allows SMBs to connect all of their business and financial applications to their Novo account,” said Hans Tung, Managing Partner at GGV Capital. “I’m confident that Novo will continue to scale its app partnerships effectively, and become one of the most widely-used small business checking accounts in the United States.”

Novo is announcing this additional capital during a time of significant growth for the company. Novo has surpassed more than $12 billion in lifetime small business transactions, and has brought on more than 180,000 small business customers. Novo has recently been listed on the Forbes Fintech 50 and Forbes Next Billion Dollar Startups, and was a winner of the South Florida Business Journal Fire Awards.

About Novo

Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and fintech platform built for small businesses.

To learn more, visit www.novo.co.

Disclosure

Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.

Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.

About GGV Capital

GGV Capital is a global venture capital firm focused on multi-stage, sector-focused investments. Recognizing that the talent to build great companies can come from anywhere, the firm invests in founders building category-leading companies around the world. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has expanded with additional offices in New York, San Francisco, Shanghai, and Beijing. The firm manages $9.2 billion in investments across the United States, Canada, China, Southeast Asia, India, Latin America, and Israel. Over the past two decades, the firm has backed more than 400 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Poshmark, Slack, Square, StockX, StoriCard,Udaan, XPeng, Zendesk, and more.

More information can be found at www.ggvc.com and @ggvcapital.