United States
activeFeaturedBusiness banking
- HQ
- Jersey City
- Fee
- Free checking SKU; factoring and extras priced
Novo
Simple US business checking for freelancers and small LLCs.
Rate this app
6.9Mixed
AlternativesOur take
Desk verdict
Novo is the on-ramp. Relay or Mercury is the upgrade.
Novo is a fintech wrapping partner-bank checking for small US businesses.
Novo lists Fintech with partner banks under FDIC (partners) in United States. On safeguarding we currently write: FDIC via Middlesex Federal and partners. Holder / issuer line: Middlesex Federal Savings / program partners. An AML programme is claimed. There is no IBAN-class local rail on the flags we store. We list 1 live markets on the product. As we score the sticker: monthly Free checking; FX US domestic; ATM ATM on partner network. This desk would open it for: US sole-props who found Mercury too start-up and Chase too 1998.
What it does well: Free; Simple; Integrations. What to watch: Not a bank; Shallow vs Relay; US only. Desk score 6.9 / 10 (safety 7.2, fees 8.6, features 7.2, app 8.0). Last verified 2026-08-01. Headquartered in New York, United States; founded 2016. None of this is advice — it is a file so you can read the entity before the card colour.
Best for: US sole-props who found Mercury too start-up and Chase too 1998.
Pros
- +Free
- +Simple
- +Integrations
Cons
- −Not a bank
- −Shallow vs Relay
- −US only
Account facts
- Platforms
- Web · iOS · Android
- Account types
- Business checking
- Partner bank
- Middlesex Federal Savings
- Minimum balance
- $0
- Lowest monthly fee
- $0
- Who can open
- US small businesses
- Availability
- United States
How it actually works
- Custody
- Insured bank deposit
- Local rails
- ACH / USD
- Built for
- Business · Freelancer
- Settlement
- App-ledger instant; bank rails per corridor
- Review risk
- Fintech reviews can pause inbound while they check a transfer
- Pay surface
- mastercard · physical · virtual · Apple Pay · Google Pay
Safety
FDIC via Middlesex Federal and partners
Holder / issuer: Middlesex Federal Savings / program partners
- FDIC (partners)Fintech with partner banks · United States
Fees
- Monthly
- Free checking
- FX markup
- US domestic
- ATM
- ATM on partner network
Features
- –IBAN
- ✓Fee-free core
- –Multi-currency
- ✓Apple Pay
- ✓Google Pay
- ✓Virtual card
- ✓Physical card
- –Metal card
- –Crypto
- –Stocks
- ✓Business
- –Kids
- –Halal
- Free business checking
- Invoicing integrations
- Reserves
- Debit
Score
- Safety25%
- 7.2
- Fees20%
- 8.6
- Features15%
- 7.2
- App15%
- 8.0
- Global15%
- 3.0
- Support10%
- 6.8
Change log
Full logNo dated notes yet. When the licence, fees, or status moves, it lands here.
Available in
FAQ
Is Novo a bank?+–
Novo is not a licensed deposit-taker in the classic sense. Money, if any, sits with Middlesex Federal Savings / program partners.
How is money protected?+–
FDIC via Middlesex Federal and partners
Where is Novo available?+–
We list 1 market desk on the desk. Residency and onboarding rules still sit with Novo.
Card and wallets?+–
mastercard · physical · virtual · Apple Pay · Google Pay
Ratings and reviews
No published user reviews yet. The desk score still comes from licence, fees, and the product — not from a empty star average.
Alternatives
Full alternatives page
activeBusiness bankingNeobank
- HQ
- San Francisco
- Fee
- Free core
activeFeaturedBusiness banking
- HQ
- San Francisco
- Fee
- Free core operations