Novo offers user-friendly mobile apps and no hidden fees.
For many small business owners, choosing a bank can be a complicated process – when all they need is one that helps to simplify their finances and improve their cash flow. Novo meets this need with its refreshingly straightforward business banking platform, offering user-friendly mobile apps and no hidden fees.
A persistent problem
In recent years, all types of small businesses – from direct-to-consumer brands to professional service firms – have adopted digital-first banking at an unprecedented rate. Unfortunately, many of these businesses soon become disappointed with the banking platform they choose, because of unexpected shutdowns, difficult-to-use interfaces, or high fees associated with maintenance, ATM usage, or add-ons such as invoicing.
The Novo solution
New York-based Novo helps small businesses save time, streamline their finances and keep their cash flow in good shape. Features of its banking platform include:
- No hidden fees
- No monthly fees or minimum balance requirements
- Simple, easy-to-use mobile apps
- Human-powered customer service
- Free transfers, mailed checks, and incoming wires
- Integrations with other small-business tools
- Refunds of all ATM fees
- Thousands of dollars in exclusive perks
Impressive achievements so far
Over the last year, Novo has emerged as the fastest-growing challenger bank for small businesses. In the first half of 2021 alone, it quadrupled its customer base, and is now serving more than 100,000 small businesses across the US. The company also recently announced US$40.7 million in Series A funding – the largest Series A ever raised by a challenger bank.
In April 2021, the company announced that it had surpassed more than US$2 billion in lifetime small-business transactions, with more than US$1 billion in transactions completed during the first half of 2021 alone. Novo was also named one of CNBC’s Best Business Checking Accounts of March 2021, and one of Money Magazine’s Best Business Checking Accounts of 2021.
Novo will use its Series A funding to continue building a best-in-class digital banking platform for small businesses, with a focus on helping business owners simplify their finances and optimise their cash flow. Over the next year, the company plans on more than doubling its headcount.
How being part of Rise has helped
Barclays Rise has enabled Novo to innovate and grow more quickly than it would have done otherwise. As part of Rise, the Novo team has been introduced to people at Barclays who are the titans of their industries, and received invaluable guidance from them.
When Novo first participated in a Barclays accelerator programme, it was a much smaller company, and the advice Barclays provided was all about building a best-in-class platform and growing a customer base. Today, Novo is at a significantly different stage, where the company is working with small businesses across the US and processing billions of dollars in transactions. With Barclays being a global leader in banking, the Novo team is confident that its resources and advice will be instrumental in the company’s continued growth.
Michael Rangel, co-founder and CEO of Novo, answers questions about his influences.
If you hadn’t set up your company, which company would you most like to be part of?
Which company has influenced you the most in business?
Which entrepreneur would you most like to go for a coffee with?