The problem
Very small businesses get ignored or charged fees by banks and need simple tools to get paid and manage cash
What they do
Free business checking, invoicing, cards and working capital for solopreneurs and small businesses
Traction 250,000+ small businesses (150K in Jan 2022); revenue est. $20-30M (third-party)
Hiring trend
- Open roles
- 6
- Ops roles
- 1
- Headcount
- ~360-430 (Revelio 361 Mar 2026; LinkedIn/Tracxn ~412-425)
Shrinking: Revelio headcount 556 → 361 since 2023 (-35%), -1.5% YoY; postings 30 → 19 vs 2025
Hiring in
- New York
- Bengaluru
- Remote (Colombia)
- Remote (US)
Glassdoor
3.2 ★ 99 reviews ↗Funding
- Last round
- $35M (Series B extension)
- Stage
- Series B (+ $125M credit facility, Aug 2023)
- Date
- Nov 2022
Led by Stripes (Series B); GGV/Notable Capital (Nov 2022 extension); Victory Park Capital (2023 debt facility)
- Hiring+16 open roles on the live job board (3–9 roles = +1)
- Funding recency0Series B (+ $125M credit facility, Aug 2023) · $35M (Series B extension), Nov 2022 (47 months ago): over 24 months = 0
- Traction—Judged, but outweighed: 250,000+ small businesses (150K in Jan 2022); revenue est. $20-30M (third-party)
- Red flags—Outweigh everything above (−1 each), so the total is floored at 0CEO churn: founder Michael Rangel stepped down Apr 2025, successor Emily Chiu left within months, Jackson Barnes CEO since Oct 2025; headcount cut ~22% in Q4 2024 (Revelio 498 → 387), down 35% since 2023, with Glassdoor reviews describing repeated layoffs. Soft, not scored: no new equity since Nov 2022, $700M valuation from Jan 2022 never refreshed; postings down 27% vs 2025Revelio Labs headcount, Novo Platform (556 in 2023 → 361 Mar 2026; Q3→Q4 2024 498 → 387; postings 30 → 19) ↗ · Faida Workforce, Sep 2026: Rangel stepped down as CEO Apr 2025, now board member ↗ · Covista board bio, 2026: Emily C. Chiu 'most recently the CEO of Novo' ↗ · Jackson Barnes LinkedIn: Novo CEO since Oct 2025 ↗ · Glassdoor reviews, Novo (3.2, 99 reviews) ↗ · Glassdoor review, Aug 2024: 'frequent layoffs', leadership turmoil ↗ · Glassdoor New York reviews: layoffs incl. C-suite and CEO ↗ · Novo press release, Jan 2022: $90M Series B at $700M valuation ↗
- Total0.0floored at 0 → Cool-down
Cool-down rule: score under 1.5 and the last round is over 24 months old, with shrinking headcount or layoffs.
Distance (10K) is a separate read on how long the lead can last. It doesn't change the score.
Distance
10K · edge: hard to leave
A follower in crowded small-business banking behind Mercury, Bluevine and Relay: 250K accounts, but staff shrinking, three CEOs in a year and no new equity since 2022.
Sources: neobanks.guide review, Jan 2026: ~250K customers; positioned vs Mercury and Bluevine; partner bank Middlesex ↗ · Tracxn: top competitors Mercury, BlueVine, Tide; $298M total incl. debt ↗ · Revelio Labs headcount, Novo Platform ↗ · PR Newswire, Aug 2026: 250,000+ small businesses; Jackson Barnes CEO ↗
Watch-outs
CEO churn: founder Michael Rangel stepped down Apr 2025, successor Emily Chiu left within months, Jackson Barnes CEO since Oct 2025; headcount cut ~22% in Q4 2024 (Revelio 498 → 387), down 35% since 2023, with Glassdoor reviews describing repeated layoffs. Soft, not scored: no new equity since Nov 2022, $700M valuation from Jan 2022 never refreshed; postings down 27% vs 2025
Sources: Revelio Labs headcount, Novo Platform (556 in 2023 → 361 Mar 2026; Q3→Q4 2024 498 → 387; postings 30 → 19) ↗ · Faida Workforce, Sep 2026: Rangel stepped down as CEO Apr 2025, now board member ↗ · Covista board bio, 2026: Emily C. Chiu 'most recently the CEO of Novo' ↗ · Jackson Barnes LinkedIn: Novo CEO since Oct 2025 ↗ · Glassdoor reviews, Novo (3.2, 99 reviews) ↗ · Glassdoor review, Aug 2024: 'frequent layoffs', leadership turmoil ↗ · Glassdoor New York reviews: layoffs incl. C-suite and CEO ↗ · Novo press release, Jan 2022: $90M Series B at $700M valuation ↗
Open ops roles · 1
Last checked Oct 25, 2026