# Novo

> Novo is a US financial technology company that combines small-business checking with invoicing, budgeting, bookkeeping, integrations, and access to credit. It serves more than 250,000 independent businesses; banking services are provided by Middlesex Federal Savings, F.A., rather than Novo itself.

- **Founded:** 2016
- **Headquarters:** New York, United States
- **Founders:** Michael Rangel (Co-founder; former CEO), Tyler McIntyre (Co-founder; historically CTO)
- **Products:** Business Checking, Novo Reserves, Novo Invoicing, Novo Bookkeeping, Novo Business Credit Card
- **Notable:** Serves more than 250,000 businesses, company-reported., Reported more than $30 billion in processed transactions in October 2024., Named to the Forbes Fintech 50 in 2023.

## Products & services

- **Business Checking** — Business checking with no monthly maintenance fee or minimum balance, physical and virtual debit cards, free standard ACH, mobile check deposit, and connected tools. Deposit services provided by Middlesex Federal Savings, F.A.
- **Novo Reserves** — Up to 20 budgeting categories within one checking account, with percentage-based automatic allocations. These are not separate accounts or interest-bearing savings accounts.
- **Novo Invoicing** — Create, send, and track invoices from the account; payment processing may incur third-party charges.
- **Novo Bookkeeping** — AI-powered transaction categorization, receipt management, and monthly financial overviews; supports linked external accounts through Plaid.
- **Novo Business Credit Card** — Continental Bank-issued card with no annual fee, subject to eligibility. Current terms advertise 2% cashback with a Novo checking balance of at least $5,000 and 1% below that threshold.
- **Novo Funding** — Merchant cash advances offered by Novo Funding LLC; eligibility and offer-specific costs apply. The public launch was backed by a $125 million Victory Park Capital facility.
- **Novo Business Loans** — Continental Bank-issued business loans advertised up to $50,000. Account activity and creditworthiness inform eligibility; APR and terms are disclosed with the offer.
- **Novo Invoice Flex** — Invoice advance product announced in October 2024; launch history, not a claim of universal current availability.

## Achievements

- Serves more than 250,000 businesses, company-reported.
- Reported more than $30 billion in processed transactions in October 2024.
- Named to the Forbes Fintech 50 in 2023.
- Company reported a top-100 Inc. 5000 placement in both 2023 and 2024.
- Alloy case study reports manual application reviews reduced by 50%.

## Latest updates

- **2026-10** — Current Reserves help article, updated October 20, clarifies that earmarked funds remain part of one account balance.
- **2026-09** — Fee schedule page dated September 13 links to a PDF last revised February 26, 2026: $0 monthly service fee and 0% APY; Express ACH costs 1.5%, with a $0.50 minimum and $20 maximum.
- **2024-10** — Announced credit card, bookkeeping, and Invoice Flex products at Money20/20 USA.
- **2024-06** — Ruby Money announced its acquisition by Novo and a June 30 sunset of the standalone app.

## Links

- Website: https://www.novo.co/
- LinkedIn: https://www.linkedin.com/company/novo-hq/
- Twitter/X: https://twitter.com/banknovo
- Instagram: https://www.instagram.com/getnovo/
- Facebook: https://www.facebook.com/Novo.coHQ/

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Profile page: https://yespress.io/novo
Published by YesPress — https://yespress.io
Last updated: 2026-10-25