Novo is a financial technology company headquartered in Miami that provides business banking solutions to over 175,000 small business owners. Michael Rangel and Tyler McIntyre founded the fintech company in 2016.
Novo helps businesses unlock their potential with a suite of financial tools. Users get quicker transfers, the ability to allocate funds for taxes through Reserves, and receive revenue sooner, minimizing cash flow issues. Novo’s business tool integrations let you manage your favorite resources in a single dashboard. As a result, you don’t need over a dozen tabs open to manage your business and analyze your financial numbers.
Novo serves small business owners across various industries, with a strong focus on accountants & bookkeepers, professional services, retail, e-commerce, health & wellness, food, construction, and trucking. It has great features for any small business owner who wants to unlock their company’s potential.
What is Novo?
Novo is a fintech company that makes it easier for small business owners to manage their finances. Clients can send invoices, make payments, and receive funds through the Novo app. Novo integrates with several tools, such as Stripe and Shopify, to put your finances in a single dashboard. Novo has many features, such as virtual debit cards, invoice management, and spending insights, that help business owners gain an edge over the competition.
Is Novo a Bank?
Novo is a fintech company that provides small business banking services powered by Middlesex Federal Savings, F.A., a full-service community bank based in Massachusetts. While Novo is not a bank, you can create a Novo business checking account, and your deposits will be FDIC-insured up to $250,000 through Middlesex Federal Savings.
What Does Novo Offer?
Novo has a core offer that has attracted over 175,000 small business owners. The fintech company specializes in business checking accounts, but when you create an account, you get access to the entire dashboard. Novo’s dashboard has enhanced features that help the company stand out from financial institutions and other fintech companies. Discover the key details about their business checking accounts and how opening an account can improve your company’s finances.
Novo Business Checking Account
Novo’s business checking account is far more than just a place to store money and make payments. Novo places an emphasis on speed, as the fintech company gives every member access to a Novo Virtual Card. This debit card makes it easy to use your funds and shows up in your account while you wait for your physical debit card to arrive in the mail.
Receiving a virtual debit card sooner makes it easier to address immediate expenses. Most businesses fail because of poor cash flow management, and any restrictions can risk financial stress. Novo Boost addresses this issue by speeding up your Stripe payments. Novo clients receive Stripe payments up to 95% faster without any additional fees.
Express ACH takes the same concept and extends it to the payments you make to employees, vendors, and other partners. Your payments can arrive on the same day or the following day instead of having your valued partners wait several days to receive payments.
These rapid payments help you address cash flow concerns and serve your clients, but having all of that cash move around can create additional problems. In addition, tax season comes for every business owner, but some do not adequately prepare for the incoming bill.
Novo’s automated budgeting feature puts you in a better position to pay your taxes. This “Reserves” feature lets you set aside money for taxes, expenses, savings, and other objectives. You can look at the Federal, state, and local tax brackets to estimate your tax percentage. For example, if you pay 25% of your proceeds to the government, you can allocate those funds for tax season, so you don’t have to scramble to raise funds at the last minute.
That last-minute scramble can create significant cash flow problems and force you to take out a loan. While loans can help you grow your business, some of them are avoidable with prudent financial planning. Novo makes it easier to plan your way to success.
Reserves also make it easier to integrate Profit First into your business. You can enable Profit First budgeting so you can build a sustainable business. Some small business owners focus too much on top-line growth without addressing profitability. Most business bank accounts only store your money, but as these features demonstrate, Novo goes above and beyond to provide your company with the tools it needs to succeed.
How Does Novo Compare to Banks Offering Business Bank Accounts?
Most banks do not offer the same features or suite of money management tools as Novo. Traditional banks also have a slower approach to money transfers. It will take longer to receive Stripe payments and pay your employees and vendors. Accelerated transactions will improve your cash flow, making you less prone to taking out short-term loans with high-interest rates.
Most banks do not provide enough money management and budgeting features. Many small business owners use multiple apps to get the experience and capabilities they need. Novo provides plenty of resources on its own and enables app integrations so you can view everything from the same dashboard.
Advantages of Using Novo as Your Business Banking Platform
Novo’s banking services provide numerous advantages that give you more choices and will make you feel safer with your business banking. Discover Novo’s advantages below.
Easy Transfers
No more waiting multiple days for your money to arrive. Revenue from your Stripe account arrives in your Novo business checking account much quicker, and you can also pay employees and vendors sooner. Easy transfers can mitigate cash flow concerns and reduce friction in your business.
Fast, Easy Application
It doesn’t take long to get set up with Novo. You can complete the application online within a few minutes. Some banks have lengthy application processes that can take 1-2 business days. Novo has a simple application that only asks for a few basic details before you’re ready to go.
No Hidden Fees
Many traditional banks hide their fees which can quickly add up if you are not careful. They hide these fees in the terms and conditions, but you won’t have to worry about underhanded fees if you bank with Novo. Novo does not have any hidden fees, and they also reimburse all ATM fees. Your business needs capital to make investments and pay workers. It shouldn’t get taken by banks through secret fees. Novo doesn’t even have minimum balance requirements for their business checking accounts.
FDIC insurance
FDIC insurance is essential for any bank or fintech company. If a bank does not have FDIC insurance, you should not even consider opening an account. FDIC insurance protects you in case the bank defaults. The FDIC insures up to $250,000 in your bank account. Middlesex Federal Savings’ status as an FDIC member acts as an extra layer of financial security.
Online Banking
Online banking lets you manage your finances while on the go. Many financial institutions offer online banking, but not all of them offer the seamless experience you’ll find with Novo. The fintech company makes it easy to manage invoices, payments, and other money management tools. You can withdraw money from any ATM and get your fees reimbursed by Novo. Making a deposit is as simple as taking a picture of your check or connecting a payment app to your Novo account (i.e., Stripe, PayPal, etc.).
Small Business Tools Integration
Most small business owners use several online tools to manage payments and grow their companies. Unfortunately, each of these resources has its separate login credentials and requires an open tab. Managing all of these tools at once can feel frustrating.
Novo uses integrations to put all of these tools in one dashboard. Novo has integration with numerous tools, such as Stripe, Square, Shopify, QuickBooks, and PayPal. The fintech company lets you connect tools that help with bookkeeping, accounting, sales monitoring, and other functionality. You won’t have to have a dozen tabs open to keep up with your business. Novo centralizes your small business tools into a single dashboard.
Novo Reviews: What Novo Customers Are Saying About the Business Banking Platform
The Novo platform helps over 175,000 business owners unlock their financial potential. Thousands of those business owners have left reviews across Apple’s App Store, the Google Play Store, and Trustpilot. Here are some of the reviews business owners have posted about Novo.
- The Reserves option is a great way to see what you’re putting aside for future taxes, work vehicle maintenance, etc. Easily shows how much “spending money” is available, so you don’t have to mentally keep track. Wish they offered a points-earning credit card! Support is super good at resolving complaints. Couldn’t ask for more from a free mobile business bank service. 9/29/22 Update: Still using it. Still good. They are making improvements and adding features on a regular basis. — Wendy Lambert (Google Play)
- Reserves option is a great way to see what you’re putting aside for future taxes, work vehicle maintenance, etc. Easily shows how much “spending money” is available, so you don’t have to mentally keep track. Wish they offered a points-earning credit card! Support is super good at resolving complaints. Couldn’t ask for more. 9/29/22 Update: Still using it. Still good. They are making improvements and adding features on a regular basis. — Kristine (Trustpilot)
- 100% Positive Experience (And they implement suggestions) I was an Azlo customer for a couple of years (with multiple accounts) but they suddenly shut down. This was a nightmare at the time but I’m so glad I moved to Novo. I did a ton of research (my wife and I both own small businesses) before landing on Novo. Also, I made a couple of requests about invoicing… And they were actually implemented. Great experience so far. Highly recommend. — Keith (Google Play)
- Really happy with my business account so far! Transactions post quickly, invoices are super easy to send straight from the app, and it’s easy to link QB etc to your account. You can generate a virtual debit card for one-time use. I am pleased so far. — Brandy Juarez (Google Play)
How to Open a Business Checking Account with Novo
A Novo business checking account provides many perks that emphasize speed. So it’s no surprise that Novo has a simple process for opening a new account. Here’s how you can get started.
- Step 1: Visit Novo’s website or download the app
- Step 2: Click the Get Started button to begin the onboarding process
- Step 3: Provide your business email and password to create an account
- Step 4: Verify your email
- Step 5: Proceed to create an account with Novo
