Novo secures $125m credit facility to provide working capital to small businesses through Novo Funding
Once approved, small businesses will have instant access to up to $75,000 of working capital.
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Once approved, small businesses will have instant access to up to $75,000 of working capital.
The new cash takes its total Series B funding to $125m following a $90m raise earlier this year.
Novo CEO Michael Rangel says the funds will go towards improving cash flow for small businesses.
It aims to use the investment to scale its banking platform for small businesses.
The bank targets small businesses with a digital banking offer.
New bank offers a current account and debit card solutions for start-ups.