Last updated on
Company health
Ratings
Novo description
Novo is a business banking platform designed for small businesses and freelancers. It offers free business checking with no hidden fees or minimums, unlimited transfers, and invoicing features. Novo integrates with various business tools and provides real-time financial insights. It's important to note that while Novo offers banking services, it's a fintech company, not a bank. Banking services are provided through their partner bank, Middlesex Federal Savings, which is FDIC insured.
Who is Novo best for
Novo is a free business checking platform ideal for freelancers and small businesses. Users praise its easy-to-use interface, free business checking, and helpful integrations. However, some users have reported account closures without notice and slow customer support. Despite these issues, Novo offers convenient features like invoicing, expense tracking, and a reserve feature.
-
Best for small businesses (1-100 employees), good fit for medium businesses (101-1000).
-
Well-suited for e-commerce, marketing/advertising, and professional services.
Novo features
| Supported Novo offers a free business checking account with no hidden fees, monthly fees, or minimum balance requirements. |
| Supported Novo provides free custom invoicing to help businesses receive payments faster. |
| Supported Novo offers budgeting tools to allocate funds for taxes, profit, expenses, and other financial goals. |
| Supported Novo provides real-time financial insights, allowing businesses to monitor profit and track expenses. |
| Supported Novo integrates with various business tools and provides exclusive discounts on essential services. |
| Supported Novo offers AI-powered transaction categorization and financial reporting to help businesses manage their books and stay tax-ready. |
| Supported Novo provides a business credit card that allows businesses to earn rewards, build business credit, and track expenses. |
Novo reviews
We've summarised 71 Novo reviews (Novo TrustPilot reviews and Novo G2 reviews) and summarised the main points below.
- Easy-to-use interface and simple account management.
- Free business checking with no hidden fees or minimums.
- Useful integrations with business tools for streamlined operations.
- Convenient reserve feature for setting aside funds for taxes and expenses.
- Helpful features like invoicing and expense tracking.
- Account closures without notice or explanation are frequently reported.
- Customer support is widely criticized for slow response times, unhelpful canned responses, and lack of phone support.
- Funds being held and not released, causing significant disruption to business operations.
- Difficulty accessing funds, including frozen accounts and declined transactions.
- Inconsistent and unreliable mobile check deposit, with reports of lost checks and processing errors.
Novo alternatives
BILL AP/ARBetter fit for medium and large businesses. Caters to more industries like Healthcare, Manufacturing, and Media. Users appreciate the vendor network and QuickBooks integration but dislike syncing errors and AR system complexities.Read more
QontoBetter suited for European SMEs and freelancers. Has more integrations with accounting software. Growing faster than Novo. Provides local IBANs and Mastercard debit cards.Read more
XeroBetter for accounting and financial reporting. Broader industry applicability. Higher ratings on G2 and Capterra. More negative pricing sentiment.Read more
PayhawkBetter for larger companies. A Payhawk alternative for companies needing USD payments or operating in Australia. More widely reviewed Payhawk competitor with generally positive ratings.Read more
BloomBetter for freelancers and small service businesses. Geared towards creative professionals.Read more
Novo FAQ
What is Novo and what does Novo do?
Novo is a fintech platform offering free business checking accounts with no hidden fees or minimums, designed for freelancers and small businesses. It provides features like invoicing, budgeting, expense tracking, and integrations with various business tools, facilitating real-time financial insights. However, users have reported issues with customer service and account closures.
How does Novo integrate with other tools?
Novo integrates with various business tools, including popular accounting software, e-commerce platforms, and other essential services. This streamlines financial operations and provides a central hub for managing business finances. It offers integrations with tools like Slack, Zapier and Shopify.
What the main competitors of Novo?
Novo's main competitors include BILL, Qonto, Xero, and Hufsy. These platforms offer similar features such as business banking, invoicing, expense management, and integrations with accounting software.
Is Novo legit?
Yes, Novo is a legitimate fintech company partnered with Middlesex Federal Savings, an FDIC-insured bank. This means your funds are safe and protected up to $250,000 per depositor. However, consider user reviews mentioning account closures and customer service issues before opening an account.
How much does Novo cost?
I couldn't find any pricing information for Novo. For the most current details on Novo's product pricing, it's best to check their official website or contact their sales team directly.
Is Novo customer service good?
Novo's customer service receives mixed reviews. While some users praise the easy account setup and helpful features, many others express frustration with slow response times, unhelpful support agents, and a lack of phone support. Many negative reviews mention account closures without explanation and difficulty accessing funds.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.