Novo success story

Rise: Company Spotlight

Novo Bank

Powerfully simple business banking

11 October 2021

5 minute read

If you are interested in learning more about Novo Bank or any other Rise affiliate please get in touch with the Rise team


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.


- 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.

- 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.

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