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.
Company Size
201-500
Company Stage
Debt Financing
Total Funding
$296.5M
Headquarters
Miami, Florida
Founded
2016
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