“Can a lean fintech startup build a multi-currency business banking platform for global SMBs by leveraging sponsor banks and BaaS infrastructure?”
Novel was founded in 2019 in Austin, TX (later New York) as a digital banking platform for global businesses, offering multi-currency business accounts, virtual cards, and merchant payment support. The company was formerly VC-backed and employed approximately 15 people. It has since ceased operations, per PitchBook's 'Out of Business' status. Its banking infrastructure relied on sponsor banks Blue Ridge Bank and Five Star Bank.
Novel discloses Blue Ridge Bank and Five Star Bank as its sponsor banks, according to the Embedded Finance Index 2026.
Novel does not disclose a bank charter of its own; its banking services are provided through Blue Ridge Bank and Five Star Bank.
Novel is founded in 2019 and headquartered in New York, NY, USA.
Get a read on where your own stack stands against Novel and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.