Neobank Novo has announced a $75 million funding round to accelerate the development of what it describes as a “Financial OS” tailored for solopreneurs and self-employed professionals. The announcement was made during Money20/20 USA, the premier fintech conference in the U.S..
What This Means
Novo is leveraging the fresh capital to expand its suite of financial tools designed specifically for solo business owners. The platform, already trusted by over 250,000 small businesses and having processed over $30 billion in transactions, now aims to become the go-to financial operating system for this growing segment.
Key Components
- AI-Powered Bookkeeping
Novo Bookkeeping automates expense tracking, categorization, receipt storage, and monthly financial summaries—greatly reducing manual admin tasks. - Invoice Flex
This feature allows users to get instant advances on their invoices upon issuance, ensuring smoother cash flow for freelancers and consultants. - Novo Business Credit Card
Issued by Continental Bank, this card offers perks like cashback, fraud protection, and full integration with Novo’s platform to provide transparent reporting and financial control.
Why Solopreneurs Matter
Solopreneurs—making up roughly 84% of all U.S. small businesses—often face unique financial challenges due to irregular income and limited access to tailored financial solutions. Novo’s “Financial OS” seeks to fill this gap by offering tools that address bookkeeping, invoicing, credit, and cash flow management—all in one platform.
CEO Michael Rangel stated, “Entrepreneurship is not meant to be a solitary journey,” emphasizing Novo’s mission to support this underserved group.
Looking Ahead
With this infusion of capital, Novo is well-positioned to further develop its financial operating system, expand feature functionality, and deepen its market adoption among solopreneurs. The move solidifies their role as a key partner for freelancers and independent business owners navigating financial operations.
About Novo
Novo is a U.S.-based digital banking platform tailored for small businesses and solopreneurs, offering integrated tools such as AI-driven bookkeeping, invoicing solutions, and a business credit card.
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