In the world, we live today speed is a key element. The banking sector is not an exception and it is forced to adapt more than ever. Thus, fintech and neo banking products such as Novo banking are developed more and more often and force the whole sector towards innovation. Continue reading the Novo review to find all there is to know about this new banking technology.
Ease of use
Value for Money
Pricing Model: FREE
No free trial
Yes, has free version
- No subscription fees
- No transaction fees
- Great integrations
- Send Paper check for free
- FDIC Insurance of up to $250.000
- Easy signup
- Perks for related software available on the platform
- International and domestic transfers available only through integrations
- Fees for insufficient funds & uncollected funds returned
- Small business
- Medium business
- Mobile - Android
- Mobile - iPhone
- Cloud, SaaS, Web-Based
- Mobile - iPad
About Novo banking
Novo was developed in New York back in 2016 by Novo Platform INC. Today the company is based in Miami and has a business partner Middlesex Federal Savings. Furthermore, Novo’s purpose is to bring small business banking into the new age. Since 2016 the company managed to convince 100.000 small business owners to use their services and received an investment of $41 million to further develop and innovate in the sector.
What is Novo?
Novo is an online start-up baking solution. The startup banking solution comes with no monthly fees attached to your account and free access to ATMs. Furthermore, Novo banking integrates with several of the top accounting and payment processing platforms on the market.
How to use Novo Startup Banking?
The easy sign-up is for sure of the perks of creating a bank account with Novo for small business owners. Thus, all you have to do to become one of their customers is to:
- Tell then about yourself
- Share your business information
- Get your Novo Account
Reach out to them from any device and create an account.
Above all, if you are a startup or small business owner, we know every penny counts, and flexibility is of great importance for you; this is one of the reasons why several other business owners in a similar stage of their business.
Benefits of using Novo
- Easily accessible from any device
- Customer service that answers questions in under 1h
- No fees on Automated Clearing House Transfers
- Apply in under 10 minutes
Bank Novo Features
Novo allows you to accept debit and credit card payments on invoices through its integration with Stripe. Moreover, the fintech company is testing a beta version of accepting invoice payments also with Square.
Last, Novo will make sure that you are up to date with the invoices that have been paid, and it will automatically send you a notification via email.
Novo Stripe Integration
Now, while you would be keen to think that this is usual and all neo-banks offer these services, keep in mind that Novo has a deep integration with Stripe and is a verified partner. Some even go as far as saying that they have the best integration available on the market.
Furthermore, you can check your Stripe balance straight from your bank Novo account while also enjoying $20.000 in fee-free processing when you sign up.
Plan and Budget
Novo comes with the option of creating five reserves which help you set money aside. For example, you might set money aside for taxes, payroll, and other large business expenses.
Furthermore, it offers the option of instantly move funds in and out of a reserve. In the future, the startup bank will also offer the option to automate funds from your income.
The Novo banking system allows you to deposit a check straight from your phone. So what is the benefit of doing that? Well, it will save you time and money. So how do you do that?
As simple as it can be. All you have to do is take a picture of the check and upload it.
You can easily send payments in the US and internationally from your Novo banking account.
- Send via ACH & paper checks free of fees
- Send internationally via Wise
- Unlimited transactions free in the US
Novo cards are accepted worldwide, and they support both GPay and Apple pay. Furthermore, your account is always monitored for suspicious transactions.
Novo bank enables you to withdraw money at any ATM, and they will refund you the fees. Last, you will also receive instant notifications for any transactions the card is used for.
Bank Novo Integrations
Bank Novo Integrations, while moderate in number they shine in terms of solutions and functionality. Thus, the platform has other than the best integrations on the market with Stripe integrations with other accounting, e-commerce, and CRM tools.
Novo Bank Alternatives
- Radius bank
Customer Service at Novo
In contrast to other banking services, Novo has a great reputation for customer service. In addition, the bank, in contrast to others, offers human-powered customers service and avoids robots. Why is this important?
Above all, you will be able to solve all your problems faster and without an ad on of frustration for small business owners.
Novo Review Conclusion
To sum up, Novo bank is an easy-to-use fintech that truly innovated and made it easier for startups and small businesses to fund and manage their transactions. While for now, the bank is focused on SMEs, we are an optimist. In a couple of years, we will see a turn of larger companies towards these services as they increase productivity and automatization, making processes more scalable.