Novo, a small business banking platform, has raised $40.7M in Series A funding. Valar Ventures led the round, with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures, and BoxGroup.

Novo is a business banking platform powered by a network of FDIC-insured community banks. Since launching in 2018, more than 100,000 small businesses have opened a Novo account. In 2021, Novo surpassed $1 billion in lifetime transactions.