In today’s top news in digital-first banking, Novo has notched $40.7 million in venture capital, while India’s FamPay has landed $38 million in venture capital. Plus, Mexican FinTech Credijusto has purchased Mexico City-based Banco Finterra.
Novo, which is concentrated on digital banking for small- to medium-sized businesses (SMBs), has landed $40.7 million in Series A venture capital. The firm said the infusion will go toward developing its platform and doubling its workforce of 60 employees during the next year. Valar Ventures headed up the funding round, with participation from BoxGroup, Red Sea Ventures, Rainfall Ventures and Crosslink Capital. Over 100,000 small companies have opened up a Novo account since the firm launched in 2018.
India’s FamPay, which is developing a digital bank designed for teens, has notched $38 million in Series A venture capital. Elevation Capital headed up the funding round. The firm said it will harness the infusion to develop its workforce and further power expansion. FamPay Co-founder Kush Taneja said that the firm’s FamCard provides teens with “their first step at being responsible with money, their first step into adulthood.” The firm says that FamPay already has 2 million registered users only eight months after its debut.
Credijusto has bought Mexico City-based Banco Finterra, which is concentrated on financial offerings for small firms and the agricultural space. Credijusto says it’s the first Mexican FinTech to acquire a regulated bank. Banco Finterra “Our acquisition of Banco Finterra creates the first truly digital banking platform for Mexican [SMBs],” Credijusto Co-CEO Allan Apoj Pascal said in a press release. “This acquisition marks a major milestone in Mexico and the region, and we are proud to be revolutionizing the future of banking in Latin America.”