The financing round was led by Valar Ventures with participation from Crosslink Capital, Rainfall Ventures, Red Sea Ventures and BoxGroup.
The start-up aims to use the investment to scale its platform and “more than double” the number of staff by next year.
In a blog post, Michael Rangel, CEO and co-founder of Novo, says he believes the investment “is the largest-ever Series A financing of any challenger bank, anywhere in the world”.
