Novo

What is Novo?

Novo is a U.S.-based digital platform offering business checking accounts designed for small businesses, startups, freelancers, and e‑commerce sellers. Novo’s primary service is a business checking account delivered through a modern mobile and web app with built‑in invoicing, accounting and e‑commerce integrations, and tools to manage cash flow. Banking services are provided by a partner bank, Middlesex Federal Savings, F.A., Member FDIC, which means eligible deposits are FDIC insured up to $250,000 per depositor, per account category.

Novo operates as a fintech, not a bank. The company focuses on simplifying day‑to‑day business banking with transparent pricing (no monthly fees and no minimum balance), native invoicing, and connections to widely used payment platforms such as Stripe, Square, and PayPal. International transfers are available via an integration with Wise, allowing users to send and receive money in multiple currencies through Wise’s network and fee structure.

Availability is primarily for U.S. businesses. Applicants generally need a U.S.-registered business and supporting documentation to open an account. Novo is best suited for companies that can bank digitally, as there are no branches. If your operations require in‑person cash handling or complex treasury services, you may need a different solution.

Key Features & Services

Novo business checking built for modern SMBs

Novo’s core product is a business checking account delivered via mobile and web. The experience centers on fast digital account opening, no monthly maintenance fees, and no minimum balance requirements. The account includes a business debit card for purchases and ATM withdrawals, mobile check deposit for paper checks, and the ability to send payments by ACH or by having Novo mail a check on your behalf. For everyday banking needs—paying bills, receiving customer payments, and reconciling transactions—Novo’s app focuses on speed and clarity, with categorized transactions, searchable history, and downloadable statements that work smoothly with common bookkeeping tools.

Built‑in invoicing and payment acceptance

Novo offers native invoicing, so service businesses and freelancers can create and send professional invoices directly from the app. Invoices can include payment links and accept card or bank payments through integrated partners such as Stripe. This removes the need to juggle separate tools for billing and banking, reduces administrative overhead, and helps businesses get paid faster. Invoices sync to your transaction history, which simplifies reconciliation and cash‑flow tracking. If you already use a dedicated invoicing platform, Novo still fits into your workflow; the account’s integrations make it straightforward to align inbound payments with accounting records.

Integrations with leading payment and commerce platforms

A major draw of Novo is its app “stack” of integrations with popular platforms. For payments and commerce, Novo connects with Stripe, Square, PayPal, Shopify, Etsy, and Amazon, making it well suited to online sellers and creators. For accounting, integrations include QuickBooks and Xero, allowing transactions to feed automatically into your books. For automation, options such as Zapier help you connect banking events to other business tools—think triggering a Slack notification when a large payment lands or updating a CRM when an invoice is paid. These integrations minimize manual data entry and help you maintain up‑to‑date financials.

Novo Boost for faster Stripe payouts

For businesses that rely on Stripe for card processing, Novo offers Novo Boost. This feature accelerates access to Stripe payouts compared to standard schedules, helping improve working capital and reduce cash‑flow gaps between sales and available funds. With faster access to card revenue, merchants can restock inventory, pay suppliers on time, or cover payroll without resorting to short‑term borrowing. Boost is embedded in the account experience, so there’s no separate portal to manage. If you process significant volumes via Stripe, this can be a meaningful advantage over a generic business checking account.

Reserves for budgeting and cash allocation

Novo includes Reserves—dedicated sub‑balances you can create inside your main checking account to earmark funds for taxes, payroll, inventory, or other priorities. Reserves make envelope budgeting tangible: you can move money into labeled buckets, keep your operating balance clean, and avoid accidental overspending. Because Reserves live within the same FDIC‑insured account and are managed in the app, you don’t need multiple external accounts or transfers to set aside funds. Many small teams use Reserves to smooth quarterly tax payments or plan for large supplier orders.

International transfers through Wise

Novo connects with Wise for cross‑border payments. Wise provides transparent, currency‑specific pricing and mid‑market exchange rates, which can be more predictable than bank foreign exchange spreads. Through this integration, businesses can pay international vendors or contractors and receive overseas payments without opening a multi‑currency bank account. Fees and FX rates are set by Wise and displayed before you send money, which helps you compare costs and time deliveries around market conditions.

Mobile banking, virtual cards, and security controls

Novo’s iOS and Android apps support key functionality such as mobile check deposit, creating and sending invoices, moving funds between Reserves, initiating ACH transfers, and monitoring activity with push notifications. You can lock and unlock your debit card from the app and create virtual cards for online purchases to reduce exposure of your physical card number. Standard security measures—encryption, multi‑factor authentication, and card controls—help protect against unauthorized transactions. Because Novo is branchless, the mobile app is central to the experience and is designed for quick tasks on the go.

Pricing & Fees

Novo highlights transparent pricing with no monthly maintenance fees and no minimum balance. Many everyday actions—opening an account, standard ACH transfers, and basic integrations—are available at no added cost. International transfer pricing is handled by Wise and varies by currency and amount. Some specialized or third‑party services may carry separate fees, so you should review the latest fee schedule within the Novo app or website.

The table below summarizes what Novo discloses publicly and where details depend on partners:

Item	Pricing/Notes
Account opening	$0
Monthly maintenance	$0
Minimum balance	$0
Standard ACH transfers	$0 (as advertised)
Domestic wires	Not advertised; ACH and mailed checks are available
International transfers	Via Wise; fees and FX set by Wise
Debit card	Included (business debit)
ATM withdrawals	Operator fees may apply; specific Novo ATM fee policies not disclosed here
Mailed checks	Available from the app; any per‑item fees not clearly disclosed on site

Note: Pricing and availability can change. For the most accurate, current data—including any limits, per‑item fees, or expedited options—consult Novo’s published fee disclosures.

Pros and Cons

Pros

• No monthly maintenance fees and no minimum balance, which keeps ongoing costs predictable for small businesses.
• Strong integrations with Stripe, Square, PayPal, Shopify, QuickBooks, Xero, and Zapier to connect banking with sales and accounting.
• Built‑in invoicing and payment links help businesses bill clients and accept card or bank payments without extra tools.
• Novo Boost accelerates Stripe payouts, improving cash flow for card‑heavy merchants and online sellers.
• Reserves allow simple, in‑account budgeting for taxes, payroll, or inventory without opening multiple external accounts.
• FDIC insurance up to $250,000 per depositor through the sponsor bank, Middlesex Federal Savings, F.A.
• User‑friendly mobile and web apps with real‑time alerts, virtual cards, and card‑locking controls.

Cons

• Available primarily to U.S. businesses; international companies without a U.S. presence may not be eligible.
• No physical branches; not ideal if you need in‑person cash services or teller support.
• Multi‑currency accounts are not offered; cross‑border payments rely on Wise rather than native foreign currency balances.
• Some advanced treasury features (e.g., complex payment approvals, sweeps, or integrated interest‑bearing options) are not the focus.
• Certain fee details (e.g., wires, specific ATM policies, or mailed check pricing) are not fully itemized on the public site and may require reviewing the in‑app fee schedule.

Who Is Novo Best For?

Novo suits small businesses and sole proprietors that want simple, no‑fee business checking with modern integrations. It’s a strong fit for:

• Freelancers and agencies that invoice clients and prefer to keep billing and banking in one place.
• E‑commerce sellers using Shopify, Etsy, Amazon, or WooCommerce who need tight alignment between storefronts, payment processors (Stripe, PayPal, Square), and their bank account.
• Startups and micro‑SMBs that value no monthly fees, low administrative overhead, and app‑based controls.
• Service businesses that want to set aside funds for taxes or payroll using Reserves while maintaining a single operating account.
• Businesses that rely on Stripe and value faster payouts via Novo Boost to stabilize working capital.

Novo may be less suitable if you:

• Require in‑person cash services or deposit cash frequently and need a large branch/ATM footprint.
• Operate globally and need multi‑currency accounts, hedging tools, or foreign currency balances on hand.
• Need advanced treasury features such as complex approval workflows, controlled disbursements, or interest‑bearing operating accounts.

Novo Alternatives

• Mercury (/mercury) – Better for startups and tech companies that want treasury‑style tools, USD virtual accounts, and robust user permissions alongside API access. Mercury also offers sweep networks for increased FDIC coverage via program banks, which may appeal to venture‑backed teams.
• Relay (/relay) – Strong alternative for businesses needing multi‑user controls, granular approval workflows, and up to multiple checking accounts with dedicated debit cards for each. Relay’s budgeting by account and detailed permissions can suit firms with teams and shared spending.
• Bluevine (/bluevine) – Suited for businesses seeking interest on checking balances and access to working capital through a separate line‑of‑credit product. Bluevine’s APY (when offered and subject to requirements) can benefit companies keeping higher operating balances.
• NorthOne (/northone) – A straightforward small‑business banking option with envelope‑style budgeting, quick digital account setup, and broad integrations. Good for sole proprietors and micro‑SMBs that want predictable, app‑first banking.
• Brex (/brex) – A fit for funded startups that want corporate cards with spend controls, software‑driven expense management, and a connected cash management account. Brex emphasizes card rewards and finance automation for scaling teams.