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Novo: The Neo Bank for Small Businesses

Updated: Dec 11, 2022

When it comes to choosing a banking solution for a business, there are numerous options available these days. Working with a good bank that can perform all the functions you need is critical to operating any business. A reliable bank that you can trust to take care of all your transactional needs will give you more time to focus on your day-to-day tasks. A business checking account is essential to managing your business’ finances including the ability to access loans or other working capital in the future.

What is Novo Bank

Novo Bank is a financial technology company that serves as an ideal banking solution for most small to medium size(SMBs) businesses that need a business checking account. It has been designed to help a business grow by providing powerful features intended to keep you informed about everything your business is doing.

With powerful insights into your banking activities, you will make better decisions and run more efficiently.

There are no minimum balance requirements or monthly fees, which have been barriers for many businesses in the past. Their mobile app makes your banking easy and stress-free no matter where you are working from.

In as little as ten minutes, you can have your account ready for your business. Using Novo you avoid physically going into a bank branch to apply for a business checking account, which is an issue still with most traditional banks.


Accessible Digital Banking

Novo Bank is one of many Neo banks, meaning it's a digital-only bank, entering the market over the last several years.

The bank has been designed to make it easy for you as a business owner to manage your money online through their website and mobile application.

Digital Integration

You probably use many apps currently to run your business but Novo can help you run it more efficiently. Novo integrates easily with many other popular online tools that you might be using for your finances. These include Shopify, Stripe, and Quickbooks. Novo has made it simple by way of a drag-and-drop dashboard where an SMB can integrate and view transactions across all of those apps in one central place.

You can do international transfers through TransferWise and get notifications on Slack which makes it easy to integrate into your business workflows.

Human-powered Customer Service

There is always support when you need it, so you do not have a reason to worry about using the services provided by Novo Bank. Novo Bank's customer service is friendly, helpful, and readily available when you need their support.

There is currently only one type of account that is provided through Novo, a small business checking account. As a business owner, you can:

  • Make deposits to your account using the mobile check deposit

  • Withdraw money via ATM(fees reimbursed)

  • Create, send, and track invoices

  • Process transfers for free

  • Send unlimited payments and paper checks for free

However, wire transfers are not supported by Novo Bank. To open a new account, you will need $50 minimum, but there are no minimum balance requirements after that.

You’ll receive a Novo Mastercard Business Debit Card to pay for things around the world and use any ATM without fees from us.

Novo does not currently support businesses that engage in cryptocurrency, privately owned ATMs, money services, and cannabis sales.

Pros of Novo Bank

  • Free payments and transfers

  • Easy digital integration with other online tools and applications

  • Novo's debit card

  • Invoicing capabilities

  • There are no fees associated with most of the activity, besides insufficient and uncollected funds.

Cons of Novo Bank

  • No interest will be earned on your balance

  • You cannot send outgoing wire transfers

  • There are no loans or lines of credit that Novo offers yet

  • Novo does not offer a savings accounts


Novo is highly ranked for being a trusted financial service provider that is affordable, accessible, and very easy to use.

Small businesses that need a digital banking service provider that will integrate seamlessly into their existing digital tools and solutions will find Novo Bank quite helpful for their needs.

It's simple to get started with Novo to begin benefitting from their service.


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