The round was led by GGV Capital. Credit: Towfiqu barbhuiya on Unsplash.

Novo, a US-based small business banking platform, has secured an investment of $35m from its extended Series B funding round.

Led by GGV Capital, the latest funding round takes the fintech company’s Series B funding to $125m and net equity funding to more than $170m.

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 Under the agreement, Robin Li, principal at GGV, will join Novo’s board as an observer.

Novo CEO and co-founder Michael Rangel said: “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.”

Novo, which was founded in 2018, free paperless business checking account with debit card access.

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The digital-only bank currently services more than 180,000 small business customers and has already exceeded $12bn in lifetime small business transactions.

GGV Capital managing partner Hans Tung said: “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,” “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.”