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April 16, 2021

Novo Surpasses $1 Billion in Lifetime Small Business Transactions

Digital banking platform reports significant Q1 growth, including more than 40,000 new small business customers, and more than $600M in transactions over three-month period.
This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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Novo, the powerfully simple small business banking platform, today announced that the company surpassed $1 billion in small business transactions since launching in 2018, with more than $600M in transactions completed during the first three months of 2021 alone. The company also reported a surge in users — more than 40,000 small businesses signing up for Novo during Q1 2021.

“The future of small business banking isn’t just helping small businesses keep their money safe — it’s creating a solution that truly helps small businesses save money and streamline their finances,” said Michael Rangel, CEO and co-founder of Novo. “Novo couples an incredibly intuitive digital banking interface with partnerships that save small businesses money on everyday purchases, invoicing and budgeting tools that simply their finances, e-commerce integrations that streamline their cashflow, a dedicated support team that’s ready to help at a moment’s notice, and a commitment from Novo that there will never be hidden fees or unexpected charges.”

Over the last three years, tens of thousands of small business owners have signed up for Novo’s award-winning banking platform. In addition to surpassing $1 billion in transactions during Q1 2021, the company also opened a new office in Miami, announced a number of new features for its digital banking platform, and was named in both CNBC’s Best Business Checking Accounts of March 2021 and Money Magazine’s Best Business Checking Accounts of 2021.

Added Rangel, “Every month, thousands of small businesses are signing up for a Novo Business Checking Account. As we look toward the rest of 2021 beyond, we plan on continuing to enhance the Novo platform, expand our global team of employees, and play an integral role in helping small businesses as they recover from the COVID-19 pandemic.”

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