Novo, a neobank that provides banking services to SMEs and freelancers, has secured USD 125 million in credit facility from Victory Park Capital. Total funds raised by the company now stand at USD 295.5 million.

The company has also introduced Novo Funding, which provides SMEs with access to working capital loans. The newly acquired funds are designated for supporting this initiative.

Novo Funding offers customers a streamlined application process, including a comprehensive review of applications within 24 hours. It provides instant access to funds of up to USD 75,000, along with a repayment schedule detailing each installment, featuring a standard six-month repayment period per draw. Moreover, customers will only pay interest on the utilized funds.

In addition, Novo reported that during the trial phase of Novo Funding, it received positive feedback from customers and distributed over USD 35 million in funding to thousands of SMEs.

During the year, Novo also introduced several new offerings: A small business debit card with transaction monitoring and seamless payroll visibility through integration with Gusto (an all-in-one payroll platform), along with enhanced improvements to Novo Invoices for quicker payment processing for small business owners.