A USD 125 million facility has been secured by Novo, a provider of digital-only banking services for US small businesses, for the introduction of a working capital product.
Novo Funding is supported by Victory Park Capital, which has made it possible for small businesses to instantly access up to USD 75,000 in working capital through their Novo account.
The application can work in less than 10 minutes, and the review will be finished in 24 hours. Firm may use the money however they see fit and only be responsible for the funds accessed; the repayment period is typically six months for each draw.
The product comes shortly after Novo launched a small business debit card with a range of capabilities for transaction monitoring.
