Novo Bank

Description

Novo joined the Barclays Accelerator, powered by Techstars, in 2017.

Novo is an award-winning banking platform that integrates with accounting software and other bank accounts to provide a mobile-first business deposit account. 

FDIC-insured by Middlesex Federal Savings, these accounts are for the modern entrepreneur. Allowing them to bank wherever they are, with no transaction fees or minimum balance.

Key Features

- User-friendly mobile and web interface.

- Multiple-user functionality.

- Integrations with Wise, Slack, Xero, Stripe, Shopify and Quickbooks.

- FDIC-insured business checking accounts on the go.

- Lightning-fast online applications.

- No hidden fees.

Pain Points

- Quick, streamlined account application process.

- Invoice management services in one place.

- Multiple reserves for differently purposed funds.

- Free money transfers to and from the account.

- Free domestic payments.

- Instant check deposits.

- International payments and card are accepted globally.

Partnerships

Funding
- Closed Series B over summer 2021
- Raised $4.8M seed round

Relationship with Barclays
- The Barclays UK business banking team has been actively engaged with Novo, sharing learnings from the UK SME banking market segment.

Partnerships
- SBA Loans: leveraged data to offer a competitive product on the back of their recent funding.
- Middlesex Federal Savings: Novo’s FDIC-insured community banking partner.
- Stripe/Slack/Zapier: coordinates to provide customers with insights into their financial health.