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Founded Year

2016

Stage

Line of Credit | Alive

Total Raised

$295.9M

Valuation

$0000 

Last Raised

$125M | 7 mos ago

Mosaic Score
The Mosaic Score is an algorithm that measures the overall financial health and market potential of private companies.

+30 points in the past 30 days

About Novo

Novo develops a financial platform. It offers neo-banking facilities without traditional physical branch networks. It provides zero-balance accounts, business checking and debit card access, lending services, and more. Its platform caters to small and medium enterprises (SMEs). Novo was formerly known as CLEAR Bank. The company was founded in 2016 and is based in Miami, Florida.

Headquarters Location

78 South West 7th Street 7th Floor

Miami, Florida, 33130,

United States

844-260-6800

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Novo's Products & Differentiators

    Novo Business Checking

    Novo Business Checking doesn't just help businesses keep their money safe — it offers a solution that truly helps small businesses save time, streamline their finances, and improve their cash flow. To learn more, visit https://www.novo.co/features.

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Expert Collections containing Novo

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

Novo is included in 4 Expert Collections, including SMB Fintech.

S

SMB Fintech

1,586 items

G

Gig Economy Value Chain

155 items

Startups in this collection are leveraging technology to provide financial services and HR offerings to the gig economy industry

F

Fintech

8,122 items

Companies and startups in this collection provide technology to streamline, improve, and transform financial services, products, and operations for individuals and businesses.

D

Digital Banking

961 items

Challenger bank offer digitally native banking products (checking and savings account at the most basic) and either leverage partner banks or are fully-licensed banks themselves.

Latest Novo News

Pharma companies develop versions of Wegovy to get in on weight-loss windfall

Feb 22, 2024

With some analysts predicting a weight-loss market reaching $100 billion a year or more by the end of the decade, executives at Sun Pharma, Cipla, Dr Reddy's and Lupin - some of the world's largest generic drugmakers -- all said they have started work on Wegovy versions. Sun Pharma is working on its own experimental drug to treat type 2 diabetes and obesity. Others are taking a more traditional generic drug path. Image Courtesy: Reuters. Indian drugmakers aiming to grab a slice of the burgeoning weight-loss treatment sales pie, both at home and abroad, have begun developing their own versions of Novo Nordisk's, wildly in demand Wegovy. With some analysts predicting a weight-loss market reaching $100 billion a year or more by the end of the decade, executives at Sun Pharma, Cipla, Dr Reddy's and Lupin - some of the world's largest generic drugmakers -- all said they have started work on Wegovy versions. Novo Nordisk has been unable to produce enough Wegovy to meet demand in more than half a dozen countries where it has already launched, amid record global obesity rates and people looking for easier alternatives to diet and exercise. U.S. rival Eli Lilly, likewise has been unable to meet demand for its weight-loss drugs Zepbound and Mounjaro. TRENDING NOW Novo has not provided a clear timeline for introducing Wegovy globally, but told Reuters it aims to launch in India in 2026. The move by Indian drugmakers could go a long way toward improving global access to weight-loss drugs and make them far more affordable, analysts said. "We expect volume expansion to increase multi-fold by the time patent expires, which is a few years from now," Systematix analyst Vishal Manchanda said. "They will also be available at a much lower price by generic drugmakers." Industry insiders agreed. "There is big potential in India... given the lifestyle choices," Cipla Global CEO Umang Vohra said in a post-earnings call in January. India has high obesity rates, especially among women, and has the world's second highest number of people with type 2 diabetes, trailing only China. Around 11% of adults in India will be obese by 2035, according to the World Obesity Federation Atlas. Novo's patents for Wegovy, given as a weekly injection, expire in China in 2026, in Japan and Europe in 2031, and in the U.S. in 2032, according to its annual report. The Danish drugmaker is the sole patent holder of semaglutide, the active ingredient in Wegovy and diabetes treatment Ozempic, which are not yet approved in India. It declined to comment on when its patent would expire in India. "We want to market this product on time in all the markets as (Novo's) patent expires," Dr Reddy's CEO Erez Israeli said of semaglutide in a media call last month. Novo did not comment on when it expects to see competition from Indian drugmakers but told Reuters it "welcomes new treatment options" for people living with obesity. DEVELOPING A MARKET Sun Pharma is working on its own experimental drug to treat type 2 diabetes and obesity. Others are taking a more traditional generic drug path. "Dr. Reddy's and Cipla are making a copy of the innovator drug more like a generic version, while Sun is working on its own innovator drug. So, Sun will have to do clinical trials. Its drug will be novel and patented," Manchanda said. The Indian market for diabetes drugs alone was estimated at 316 billion rupees ($3.81 billion) in 2023 and is projected to hit 1.2 trillion rupees ($14.48 billion) in the next decade, according to Expert Market Research. Wegovy in clinical trials helped patients lose up to 15% of their body weight, while Eli Lilly drug trial participants lost even more. Their medicines belong to a class of therapies known as GLP-1 receptor agonists originally developed to control blood sugar in type 2 diabetes patients. They also slow digestion, helping people feel full longer. Data showing the class of drugs may also delay progression of chronic kidney disease and lower heart disease risks are likely to further increase demand. Despite the home turf advantage for companies like Cipla, cracking the price-sensitive Indian market won't be easy. "In India, the requirement is to develop a market for anti-obesity (drugs)," said DAM Capital analyst Nitin Agarwal, "unlike in other countries where drugmakers can just take a share of existing market." TAGS:

Novo Frequently Asked Questions (FAQ)

  • When was Novo founded?

    Novo was founded in 2016.

  • Where is Novo's headquarters?

    Novo's headquarters is located at 78 South West 7th Street, Miami.

  • What is Novo's latest funding round?

    Novo's latest funding round is Line of Credit.

  • How much did Novo raise?

    Novo raised a total of $295.9M.

  • Who are the investors of Novo?

    Investors of Novo include Victory Park Capital, GGV Capital, Crosslink Capital, BoxGroup, Rainfall Ventures and 15 more.

  • Who are Novo's competitors?

    Competitors of Novo include Grasshopper, Brex, Karat, Nearside, NorthOne and 7 more.

  • What products does Novo offer?

    Novo's products include Novo Business Checking and 1 more.

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Compare Novo to Competitors

L
Lili

Lili focuses on providing business finance solutions. The company offers a range of services including business banking, smart bookkeeping, invoice and payment management, and tax planning tools. It primarily serves the fintech industry. The company was founded in 2018 and is based in New York, New York.

O
Oxygen

Oxygen operates as an online financial platform. It allows users to manage everyday expenses on the Oxygen Visa debit card and access a line of credit. It offers cashback, savings, digital payments, and more. It was founded in 2017 and is based in San Francisco, California.

NorthOne Logo
NorthOne

NorthOne operates in banking. The company provides an online business account with integrated features designed to simplify business banking, including real-time money transfers, automatic budgeting tools, and connections to accounting, payment, and payroll tools, primarily serving small businesses across various sectors. NorthOne was formerly known as Ferst Digital. The company was founded in 2016 and is based in New York, New York.

S
Solid

Solid operates as a financial technology platform. It allows users to create bank accounts, offer crypto wallets, send payments, issue cards to customers, and build and launch deposit products, such as business and consumer checking accounts. Solid was formerly known as Wise. The company was founded in 2018 and is based in Palo Alto, California.

F
Found

Found is a financial technology company. It offers an all-in-one business banking, bookkeeping. and tax solution for self-employed businesses. The company provides financial tools for income and expense tracking, managing invoices, creating profit and loss reports, and more. It was founded in 2019 and is based in San Francisco, California.

Mercury Logo
Mercury

Mercury operates as a financial technology company. It offers banking accounts, currency exchange, debit cards, and international wires with operational support in the form of team management, tool integration, relevant insights on business finances, and more to its customers. It combines Federal Deposit Insurance Corporation (FDIC) insured checking and savings accounts with technology tools like cashflow analytics, intuitive dashboards, and payments. It was founded in 2017 and is based in San Francisco, California.

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