Here with me today, is Michael Rangel, Co-Founder and CEO of Novo, a challenger bank focused on small businesses. It’s currently valued at $700 million, and serves over 150,000 small businesses. Novo had kicked off their Series A fundraise in late February 2020, just as the COVID pandemic was hitting everywhere. The situation was very dynamic and Novo’s cash position was getting tighter and tighter as the process went on.You will hear more from Michael in this episode on: 1) Raising in both good markets and bad What did it feel like to kick off a Series A right as COVID hit the US? As a founder, how should you think about raising in good or bad markets? What does it feel like to look failure as an option square in the face and feel like you might let everyone down? What did Novo do to maintain cash position and minimize burn in order to survive? 2) The Mentality to Keep Going as a Founder How do you maintain confidence through all the tough moments? How Michael’s personal experiences built resilience and perspective Why Adaptability is such an important trait for founders 3) How to survive the startup journey How reducing burn in the pandemic actually opened up new acquisition channels vital to the future of Novo Why the pandemic actually spurred more small businesses Optimize for survival and nothing else The benefits of bootstrapping in the early days 3) Building a business in the small business segment Can you really build a profitable segment serving the S of SMB (small-to-medium sized businesses) Why are you so passionate about serving this audience? Why VCs, banks and others discount this segment 4) Why Be a Founder? The challenges of fundraising and scaling pains Why do you choose to be a founder? What do you give up on the journey? Who do you have to have around you to stay sane? What motivates you to keep going on this challenging journey If you are looking for a new job and want to join a great culture of underdogs, or are a small business looking for a new bank, check out https://www.novo.co/ (novo.co) Find out more athttps://kindredcapital.vc/FoundersUncut ( KindredCapital.VC/FoundersUncut) This podcast was produced byhttps://fascinateproductions.co.uk/ ( Fascinate Productions)