Crosslink Capital, Inc. (“Crosslink”) was recently informed that someone or an organization has been impersonating it and one or more of its employees on the mobile application WhatsApp.
Crosslink does not market its services and Crosslink and its employees do not provide investment advice through WhatsApp or any similar social media messaging application, and anyone who does so purporting to act in Crosslink’s name or the name of any of its employees is not in any way connected to Crosslink or Crosslink Capital Management, LLC. Crosslink employees provide investment advice only through Crosslink. Crosslink provides investment advice only to investment funds or clients, in each case, with whom it has entered into a written contract. Crosslink does not provide investment or other advice to non-clients.
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June 16, 2021
Small businesses have traditionally been underserved when it comes to IT — they are too big and have too many requirements that can’t be met by consumer products, yet are much too small to afford, implement or thoroughly need apps and other IT build for larger enterprises. But when it comes to neobanks, it feels like there is no shortage of options for the SMB market, nor venture funding being invested to help them grow.
In the latest development, Novo, a neobank that has built a service targeting small businesses, has closed a round of $40.7 million, a Series A that it will be using to continue growing its business, and its platform.
The funding is being led by Valar Ventures with Crosslink Capital, Rainfall Ventures, Red Sea Ventures and BoxGroup all participating. The startup is not disclosing valuation, but Novo — originally founded in New York in 2018 but now based out of Miami — has racked up 100,000 SMB customers — which it defines as businesses that make between $25,000 and $100,000 in annualized revenues — and has seen $1 billion in lifetime transactions, with growth accelerating in the last couple of years.
There are a wide variety of options for small businesses these days when it comes to going for a banking solution. They include staying with traditional banks (which are starting to add an increasing number of services and perks to retain small business customers), as well as a variety of fintechs — other neobanks, like Novo — that are building banking and related financial tools to cater to startups and other small businesses. Read rest here.