Novo

Novo

SMB-focused online banking with payments

Overview

Novo provides a digital banking platform for businesses, offering a full suite of online banking services in one place. It supports debit cards, payments, and incoming funds, plus Novo Reserves to automatically allocate funds into separate budgets, helping businesses manage cash flow. Novo earns revenue mainly through Novo Boost, which speeds up Stripe payments by about 95%, accelerating access to revenue for reinvestment. The platform also integrates with popular tools such as QuickBooks, Gusto, and Hubspot to simplify workflows. Customer deposits are insured up to $250,000 by Middlesex Federal Savings, enhancing security. The goal is to deliver cost-free, transparent banking services while improving cash flow and operational efficiency for small to medium-sized businesses.

About Novo

Simplify's Rating
Why Novo is rated
C
Rated C on Competitive Edge
Rated B on Growth Potential
Rated D+ on Differentiation

Industries

Enterprise Software

Fintech

Financial Services

Company Size

201-500

Company Stage

Debt Financing

Total Funding

$296.5M

Headquarters

Miami, Florida

Founded

2016

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Simplify's Take

What believers are saying

  • Novo's July 2026 press page shows fresh launches: working capital, credit, financing, bookkeeping.
  • Novo Payroll added tax filing, next-day payments, and integrated funding after approval.
  • TikTok partnership and small-business marketing push broaden acquisition beyond banking-led distribution.

What critics are saying

  • Novo depends on Middlesex Federal Savings and Check; partner outages or contract changes cripple operations.
  • Regional banks and fintech suites bundle payroll, bookkeeping, and cards, compressing margins by 2027.
  • Any bank-partner, ACH, or compliance failure triggers account freezes and mass SMB churn within days.

What makes Novo unique

  • Novo bundles checking, payroll, working capital, bookkeeping, and reserves inside one SMB platform.
  • Novo Payroll spans 50 states through Check, reducing vendor sprawl for small businesses.
  • Novo Reserves and fast Stripe payouts target cash-flow management, not generic consumer banking.

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Funding

Total Funding

$296.5M

Above

Industry Average

Funded Over

6 Rounds

Notable Investors:
Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Debt Funding Comparison
Coming Soon

Benefits

Hybrid Work Options

Growth & Insights and Company News

Headcount

6 month growth

0%

1 year growth

0%

2 year growth

0%
Covista
Jul 28th, 2026
Covista names Emily C. Chiu and Leslie Storms to its Board of Directors.

Covista names Emily C. Chiu and Leslie Storms to its Board of Directors. July 28, 2026 Appointments Deepen the Board's Expertise Across Healthcare Delivery, Technology, Higher Education and Veterinary Medicine Supports Effective Oversight of the Company's Growth and Long-Term Strategy CHICAGO-(BUSINESS WIRE)- Covista (NYSE: CVSA), America's largest healthcare educator, today announced the appointments of Emily C. Chiu and Leslie Storms to its Board of Directors, effective August 17, 2026. Ms. Chiu and Ms. Storms join the Covista Board at an important moment as Covista embarks on Purpose at Scale, its three-year growth strategy to address the nation's healthcare workforce challenges. Ms. Chiu is a former CEO with deep experience in technology, fintech and edtech, and brings a builder's perspective to scale businesses to drive growth. Ms. Storms brings extensive operating experience across healthcare delivery, medtech and acquisition integration, and currently leads one of North America's largest veterinary health networks. "Emily and Leslie bring exactly the kind of experience and judgment that strengthens our board," said Steve Beard, Chairman and Chief Executive Officer of Covista. "Both have led at the highest levels in high-stakes environments, with a track record of building and scaling successful businesses. Their backgrounds span technology, higher education, healthcare delivery and veterinary medicine, sectors that are integral to Covista's future growth. As we advance Purpose at Scale, their insights will help sharpen our strategic thinking and strengthen our position in the market." Ms. Chiu is the former Chief Executive Officer of Novo Platform, a fintech company designed to democratize banking solutions for small businesses and entrepreneurs. She previously served as a member of the executive team at Block Inc. (NYSE: XYZ), where she co-founded and served as Chief Operating Officer of its open-source platform and led new product development for Cash App, international expansion, and mergers and acquisitions for Square. Ms. Chiu also has extensive experience in edtech, having previously co-founded ventures in higher education, including accredited universities recognized by EDUCAUSE and The Bill & Melinda Gates Foundation as a "breakthrough model in college completion" for offering flexible, affordable and workforce-relevant post-secondary degree programs. She currently serves on the board of Justworks and has previously served on the boards of Barnes & Noble Education (NYSE: BNED) and the Center for Creative Leadership (CCL), a nonprofit provider of leadership development. "Technology at its best doesn't replace human connection - it expands who gets access. Nowhere is that more urgent than in healthcare, where the shortage of skilled, compassionate professionals impacts every community. The healthcare workforce shortage will become one of the defining challenges of our time, and solving it requires exactly what Covista does: preparing more people, from more backgrounds, to deliver the quality care that every community deserves. When we leverage technology to expand access and prepare our workforce for a technology-enabled future, we don't just empower individuals; we unlock the uniquely human capacity to care for one another at scale. I'm proud to join the board of a company so committed to this purpose," said Emily Chiu. Ms. Storms is the Chief Operating Officer at National Veterinary Associates (NVA), one of North America's largest veterinary health networks, where she helps drive strategic growth, operational excellence and organizational performance across a network of more than 1,300 animal hospitals. Prior to joining NVA, she spent nearly two decades at Johnson & Johnson (NYSE: JNJ), where she held senior leadership roles across its MedTech sector, including President, U.S. Orthopedics; President, U.S. Surgery; and Vice President, Global Customer Strategy, Vision. "Throughout my career, I've been driven by a simple belief: people can achieve more than they think possible when given the right support, structure and opportunity. I've seen that play out across surgery, orthopedics and now veterinary medicine. The healthcare workforce shortage is one of the most consequential challenges facing this country, and it's fundamentally a talent challenge - one that's solved by investing in people, not just filling roles. Covista is tackling it head-on, at a scale and quality no other organization can match. I am thrilled to be joining the board at such a pivotal time in Covista's journey," said Leslie Storms. Covista's Purpose at Scale strategy advances the company's next phase of growth across four priorities: disciplined operational excellence, expanding its platform into adjacent healthcare domains, building direct workforce pipelines with employer partners and driving AI-enabled innovation in healthcare education. With the appointments of Ms. Chiu and Ms. Storms, 10 of Covista's 12 directors will be independent. For more information about Covista or its Board of Directors, please visit https://www.covista.com. About Covista Covista (NYSE: CVSA) is America's largest healthcare educator, serving more than 100,000 students and supported by a community of 400,000 alumni across five accredited institutions. Through personalized, tech-enabled education powered by 10,000 faculty and colleagues, Covista expands access to healthcare careers and addresses the U.S. healthcare workforce shortage at scale. Covista is the parent company of American University of the Caribbean School of Medicine, Chamberlain University, Ross University School of Medicine, Ross University School of Veterinary Medicine and Walden University. For more information, visit covista.com and follow us on LinkedIn, Instagram and YouTube. Cautionary Disclosure Regarding Forward-Looking Statements Certain statements contained in this release are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact, which includes statements regarding Covista's future growth. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "future," "believe," "expect," "anticipate," "estimate," "plan," "intend," "may," "will," "would," "could," "can," "continue," "preliminary," "potential," "range," and similar terms. These forward-looking statements are subject to risk and uncertainties that could cause actual results to differ materially from those described in the statements. Important factors that could cause actual results to differ materially from the expectations expressed or implied by our forward-looking statements are disclosed in Item 1A. "Risk Factors," of our Annual Report on Form 10-K. You should evaluate forward-looking statements in the context of these risks and uncertainties and are cautioned to not place undue reliance on such forward-looking statements. We caution you that these factors, performance or developments we expect or anticipate or, even if substantially realized, that they will result in the consequences or affect us or our operations in the way we expect. All forward-looking statements are based on information available to use as of the date any such statements are made, and Covista assumes no obligation to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized, except as required by law.

Refresh Miami
Nov 13th, 2024
NovoPayment secures $20M for expansion

NovoPayment, a Miami-based fintech company, secured $20M in non-equity financing from Morgan Stanley Expansion Capital. This investment will aid in scaling and expanding NovoPayment's commercial partnerships. The company, which raised $19M in Series A funding in 2022, operates in 15 markets across Latin America, the Caribbean, and the U.S. The funding will support innovation and service expansion, enhancing its position in the embedded finance market.

Refresh Miami
Jan 30th, 2024
6+ Things To Know In #Miamitech: News Deluge From Sellersfi, Journeytrack, Novo, Emerge Americas, Locality Bank, Apogee Indigo, Social Mobile, Classwallet, Bric & More

1SellersFi now can provide Amazon e-commerce sellers with significant credit linesSellersFi, the Weston-based e-commerce fintech scaleup, today announced a financing solution with Amazon that will provide eligible Amazon sellers with access to credit lines of up to $10 million through Amazon Lending.“SellersFi was launched seven years ago to address e-commerce sellers’ paramount challenge: to secure the right capital to grow their businesses,” said Ricardo Pero, co-founder and CEO of SellersFi. “This relationship with Amazon highlights our dedication to transforming e-commerce financing to empower small and medium-sized businesses with the accessible financial tools they need to focus their energy and aspirations on amplifying their businesses and attaining exceptional growth.”Hurdles that sellers face in building successful online businesses include competition, order fulfillment, visitor conversion, marketing and others. Even when effectively addressing those factors, however, nearly a third of e-commerce startups fail due to running out of money, according to research by Marketing Signals. These lines of credit from SellersFi and Amazon Lending are meant to support sellers experiencing such challenges.SellersFi currently offers working capital, prepaid debit cards and digital wallets with insurance, business credit and debit, and checking accounts in the pipeline.READ MORE: Scaleup SellersFi closes $300M credit facility, plus equity raise from Citi and Mitsubishi2JourneyTrack closes $2 million seed roundAnia Rodriguez and her team have built a SaaS experience management platform to help companies deliver exceptional experiences for their customers. Her startup JourneyTrack enables companies to create personas and end-to-end customer journeys.Refresh Miami reported in October that JourneyTrack had raised $1.5 million in seed funding. Now the Miami based startup has closed its $2 million seed round that was led by Portland-based Elevate Capital and included Orlando-based through DeepWork Capital.“What JourneyTrack does is allows these end-to-end experiences to be understood and tracked and connected across different divisions, which is a huge pain point that exists today,” said Rodriguez, JourneyTrack’s CEO who gained key insights as a longtime user experience consultant for Fortune 1000 companies, told Refresh Miami in an earlier interview

TFOA
Jan 25th, 2024
The New Novo Nucleus Models!

Novo launches their new 'Nucleus' line at NAMM 2024.

Business Wire
Jan 24th, 2024
Novo Announces Novo Payroll For Small Businesses, Powered By Check

NEW YORK MIAMI--(BUSINESS WIRE)--Novo, the powerfully simple® financial solutions platform for small businesses, today announced Novo Payroll. Working with Check, the leading payroll infrastructure company that pioneered the ability for platforms to embed payroll into their products, Novo has launched a payroll solution that is fully integrated into Novo’s platform of small business banking, budgeting, and working capital solutions, enabling small businesses to manage their finances from a single platform. “Traditional small business payroll solutions consist of standalone applications characterized by high fees, burdensome cash-on-hand requirements, and either clunky or non-existent integrations between payroll and business bank accounts,” said Michael Rangel, founder and CEO of Novo. “In collaboration with Check, we built a payroll solution that simplifies and speeds up the process of paying small business employees.". Novo leveraged Check’s embedded payroll API to build Novo Payroll. With coverage in all 50 states, Novo Payroll streamlines the entire payroll process, from calculating wages to facilitating direct deposits and managing tax withholdings

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