Summary

Novo is a business banking platform that aims to simplify financial management for small businesses. It offers a range of banking services tailored specifically to the needs of startups and entrepreneurs. Novo provides features such as online banking, expense tracking, invoicing, and integration with popular accounting tools.

Novo was founded in 2016 by Michael Rangel and Tyler McIntyre. The duo recognized the challenges faced by small businesses in accessing traditional banking services, which often have complex processes, high fees, and inadequate customer support. They wanted to create a modern banking solution that caters specifically to the needs of startups and small businesses.

The company received funding from leading venture capital firms and established partnerships with financial institutions to build its platform. Novo officially launched its banking services in 2018, offering a streamlined and user-friendly experience to business owners. It aims to empower entrepreneurs by providing them with the tools and resources necessary to manage their finances effectively.

One of the key features of Novo is its integration with various third-party applications commonly used by small businesses, such as QuickBooks, Xero, and Slack. This integration allows users to seamlessly sync their financial data and streamline their workflows. Novo also offers expense categorization, digital card issuance, and instant notifications to help businesses stay on top of their financial activities.

The Details

Novo offers a range of features specifically designed for small businesses and startups. These include:

  • Online banking: Novo provides a modern and user-friendly online banking platform that allows businesses to easily manage their finances. Users can access their accounts, view transactions, and make payments online.
  • Expense tracking: Novo offers robust expense tracking tools, allowing businesses to categorize and track their expenses. This feature helps businesses stay organized and manage their budgets effectively.
  • Invoicing: Novo enables businesses to create and send professional invoices to clients directly from the platform. Users can customize their invoices and track payment statuses, making it easier to manage their cash flow.
  • Integration with accounting tools: Novo integrates with popular accounting software such as QuickBooks and Xero. This integration allows businesses to sync their financial data seamlessly and streamline their bookkeeping processes.
  • Digital card issuance: Novo provides digital business debit cards that can be issued instantly. This feature allows businesses to make online purchases and track their expenses easily.
  • Instant notifications: Novo sends real-time notifications to users, keeping them informed about account activity, transactions, and other important updates.

In terms of unique features, Novo stands out with its focus on providing a user-friendly and streamlined banking experience for startups and small businesses. It also differentiates itself through its integrations with popular accounting tools, allowing businesses to automate and simplify their financial processes.

Novo’s fee structure is straightforward and transparent. It offers a free account option with no monthly fees or minimum balance requirements. There are also no transaction fees for incoming or outgoing transfers. However, there may be fees associated with certain services such as international wire transfers or cash deposits. Novo provides a clear breakdown of its fees on its website, ensuring that businesses can make informed decisions about their banking needs.

These integration partners allow Novo users to streamline their financial management processes by syncing their accounts and data across multiple platforms and tools. For more information about Novo apps and integrations visit https://www.novo.co/novo-apps.

What We Liked

Novo offers a range of features specifically designed for small businesses and startups. Here is a summary of what we liked:

  1. User-friendly online banking platform: Novo provides a modern and easy-to-use online banking platform that allows businesses to easily manage their finances.
  2. Expense tracking tools: Novo offers robust expense tracking tools, allowing businesses to categorize and track their expenses. This feature helps businesses stay organized and manage their budgets effectively.
  3. Invoicing capabilities: Novo enables businesses to create and send professional invoices to clients directly from the platform. Users can customize their invoices and track payment statuses, making it easier to manage their cash flow.
  4. Integration with popular accounting tools: Novo integrates seamlessly with popular accounting software such as QuickBooks and Xero. This integration allows businesses to sync their financial data and streamline their bookkeeping processes.
  5. Digital card issuance: Novo provides digital business debit cards that can be issued instantly. This feature allows businesses to make online purchases and track their expenses easily.
  6. Instant notifications: Novo sends real-time notifications to users, keeping them informed about account activity, transactions, and other important updates.
  7. Transparent fee structure: Novo’s fee structure is straightforward and transparent. It offers a free account option with no monthly fees or minimum balance requirements, and there are no transaction fees for incoming or outgoing transfers.
  8. Integration with third-party applications: Novo integrates with various third-party applications commonly used by small businesses, such as QuickBooks, Xero, and Slack. This integration allows users to seamlessly sync their financial data and streamline their workflows.
  9. Streamlined banking experience for startups and small businesses: Novo caters specifically to the needs of startups and small businesses, providing them with a user-friendly and streamlined banking experience.
  10. Funding and established partnerships: Novo has received funding from leading venture capital firms and established partnerships with financial institutions. This ensures that the platform is backed by reputable and experienced entities, instilling confidence in users.

You Might Not Like

While Novo offers many benefits and features tailored to startups and small businesses, there are also some potential drawbacks to consider:

  1. Limited physical banking services: Novo is primarily an online banking platform, which means that it may not be the best option for businesses that require in-person services such as cash deposits or face-to-face customer support.
  2. Lack of additional financial products: Novo focuses solely on banking services and does not offer additional financial products such as business loans or lines of credit. This may limit the options available to businesses that require additional financing or financial support.
  3. Limited international banking capabilities: While Novo offers international wire transfers, there may be additional fees associated with these services. Additionally, some users have reported issues with international wire transfers, including delays or complications.
  4. Relatively new company: Novo was founded in 2016, which means that it is still a relatively new player in the banking industry. Some businesses may prefer to work with more established banks or financial institutions with a longer track record and established reputation.
  5. Limited customer support options: Novo primarily offers customer support through email and chat, which may not be as immediate or accessible as phone support. Some users have reported difficulties in getting timely and satisfactory responses from customer support.
  6. Lack of physical branches: As an online-only bank, Novo does not have physical branch locations. This may be a disadvantage for businesses that prefer or require in-person banking services or the convenience of accessing a physical branch.
  7. Potential security risks: Like any online platform, Novo carries the risk of cybersecurity threats and potential data breaches. While Novo takes security measures to protect user data, businesses should be aware of the inherent risks associated with online banking and take appropriate precautions.
  8. Limited business account options: Novo currently offers only one type of business account, which may not cater to the specific needs and preferences of all businesses. Some businesses may require more customized account options or additional features that are not currently offered by Novo.
  9. Limited ATM network: Novo does not have its own ATM network and requires users to use external ATMs for cash withdrawals. This may result in additional fees or inconvenience for businesses that rely heavily on cash transactions.

It’s important for each business to carefully evaluate their specific needs and priorities before deciding if Novo is the right banking platform for them.

Apps and Integrations

There are a number of apps and integrations to not only make banking easier and more intuitive, but do we dare say, FUN. Here are some of the tools we use at Red BAG Media:

  1. Wave Accounting: We’ve connected our accounting tool to make banking and accounting even easier with Novo and Wave.
  2. Novo Invoicing: Novo includes a built-in ability to invoice for products and services. It’s new, and limited, but improving rapidly!
  3. Novo Reserves: We love this! This allows us to set aside money for specific things, like infrastructure upgrades, or trips to Tahiti ;-).
  4. WooCommerce: We use WooCommerce to sell! Connecting just makes sense.
  5. Stripe: Depending on the need, it’s great to have Stripe as an option.
  6. Cash App: Bitcoin!
  7. Venmo: People love to pay this way, so it’s great to have the option!
  8. Square: There are a number of ways to make Novo part of your Square ecosystem.
  9. PayPal: Like Venmo, people love to pay this way as well.
  10. Mint: For those budgeting folks that are in the Mint ecosystem, it’s nice to have this data.
  11. Slack: All things notifications!
  12. Zapier: Integrate anything, anywhere!

This is only the beginning of what Novo offers for app connectivity. Be sure to take a look at how you can connect as well by visiting https://www.novo.co/novo-apps.

Final Thoughts

In conclusion, Novo is a business banking platform that aims to simplify financial management for small businesses and startups. It offers a user-friendly online banking platform with features such as expense tracking, invoicing, and integration with popular accounting tools. Novo stands out with its transparent fee structure and its focus on providing a streamlined banking experience for entrepreneurs. However, it may not be suitable for businesses that require in-person services or additional financial products. Overall, Novo offers a range of useful features for small businesses looking for a modern and convenient banking solution.