Novo, a financial solutions platform for small businesses, has chosen to expand in Wilmington.
Novo has built a platform for small businesses that combines a checking account with financial applications.
Novo is headquartered in Miami and recently opened a U.S. location in Wilmington. The company is operating from the Stat International space on Orange Street in downtown Wilmington. Novo has hired a dozen employees since May and will continue to increase the headcount in the coming years, according to a release from the Delaware Prosperity Partnership, the state’s economic development organization.
“Novo’s decision to expand to Wilmington is great news for the First State,” said Gov. 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.”
One of Novo’s recently developed offerings is Novo Funding, a fast and flexible way for small businesses to access working capital. Since its launch, Novo Funding has issued more than $70 million in working capital.
Northern Delaware, in addition to mainstay banks, has attracted new firms to the area. Companies with recent Delaware expansions include Ally Financial, Best Egg, City National Bank, Goldman Sachs and JPMorgan Chase. Start-ups benefit from a workforce with experience in young companies, as well as established firms.
“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.”
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