Forbes Fintech 50 Firm Novo Chooses Delaware as Expansion Site

Novo, the renowned fintech platform for small businesses, recognized twice as a member of Forbes Fintech 50, has selected Wilmington, Delaware, for its latest expansion initiative.

Founded in Miami in 2018, Novo has developed a powerful financial solutions platform tailored for small businesses. This platform seamlessly integrates a checking account with a suite of financial applications, facilitating faster access to revenue, time savings on crucial business tasks, and convenient money management across various devices. Surpassing $20 billion in small business transactions since its inception, Novo has consistently earned a spot on the Forbes Fintech 50 list for 2022 and 2023, highlighting its transformative impact on finance through technology.

Headquartered in Miami, Novo has recently established a presence in Wilmington, Delaware, operating from the Stat International space on Orange Street. The company has steadily expanded its team, adding a dozen employees since May, with plans for further growth in the coming years.

Governor John Carney expressed enthusiasm about Novo’s decision to expand to Wilmington, emphasizing the state’s commitment to being a welcoming destination for companies seeking to start and grow their businesses. The move aligns with the efforts of the Delaware Prosperity Partnership, reflecting positively on the state’s appeal to corporations.

Novo’s expansion to Delaware also underlines the state’s position as a burgeoning hub for financial services and fintech companies. Notable recent expansions in the region include Ally Financial, City National Bank, Goldman Sachs, and JPMorgan Chase.

Novo’s latest offering, Novo Funding, provides small businesses with a fast and flexible avenue to access working capital, having issued over $70 million since its launch.

Grant Sahag, VP of Operations at Novo, acknowledged Delaware’s commitment to fostering small business growth, with over half of the state’s workforce employed by small businesses. Novo is honored to be part of Delaware’s thriving small business community.

About Delaware Prosperity Partnership:

Established in 2017, Delaware Prosperity Partnership is a non-profit public/private organization leading statewide economic development efforts, focusing on attracting, growing, and retaining businesses, building a robust entrepreneurial and innovation ecosystem, and supporting private employers in talent acquisition and development. Learn more at choosedelaware.com.

About Novo:

Novo Platform, Inc. (“Novo”) is a powerful financial platform catering to small businesses. For more information, visit www.novo.co.

Disclosure:

Novo operates as a fintech, not a bank, acting as a service provider to Middlesex Federal Savings, F.A. Deposit and banking products obtained through Novo are provided by Middlesex Federal Savings, F.A., an FDIC-insured depository institution. FDIC insurance protection is applicable up to the legal limit on a pass-through basis. Additional details on FDIC insurance coverage are available at www.fdic.gov. Novo Funding LLC, a wholly-owned subsidiary of Novo, offers Merchant Cash Advance products and services, requiring a Novo checking account.

Read more WilmToday by clicking here.

Get in touch!

Share your email to receive monthly updates on all the best stuff in Wilmington! You know you wanna.