Novo, a Miami-based financial solutions platform for small businesses and two-time member of the Forbes Fintech 50 (2022 and 2023), has announced it has expanded operations into Wilmington, Delaware. In this new location, the fintech company is operating from the Stat International space on Orange Street in Wilmington. Novo has hired a dozen employees since May 2023 and expects to continue to grow the office.
Novo has built a platform for small businesses that combines a checking account with an ecosystem of financial applications — helping small businesses access revenue faster, save time on business-critical tasks, and manage their money on any device. Since launching in 2018, Novo has surpassed $20 billion in small business transactions. A recently developed offering is Novo Funding, a way for small businesses to access working capital. Since its launch, Novo Funding has issued more than $70 million in working capital.
“Small businesses make up more than half of Delaware’s workforce — an incredible testament to the work Delaware has done to make small business creation and growth as accessible as possible,” said Grant Sahag, Vice President of Operations at Novo. “The Novo team is honored to be a part of Delaware’s thriving small business community.”
“Novo’s decision to expand to Wilmington is great news for the First State,” said Governor John Carney. “We want to be the place companies consider when starting and growing their businesses. Novo’s move to Wilmington shows that our efforts to make Delaware inviting to corporations are working and that the Delaware Prosperity Partnership is making a difference.”
Created in 2017, Delaware Prosperity Partnership is the nonprofit public/private organization that leads statewide economic development efforts.
Novo’s decision to choose Delaware for its expansion further confirms the state’s status as a hub for financial services and fintech companies. Wilmington and its environs continue to be the site of significant growth for existing businesses in the financial services and fintech sector while also attracting new firms to the area. Companies with recent Delaware expansions include Ally Financial, City National Bank, Goldman Sachs and JPMorgan Chase.
