Novo
“Can a no-fee SMB checking account become the all-in-one financial OS for small businesses by layering embedded payroll, lending, invoicing, and bookkeeping on top of a BaaS core?”
Founded as a straightforward no-fee digital business checking account for freelancers and small businesses, Novo initially differentiated via integrations with tools like Stripe, QuickBooks, and Xero. Over time, it expanded from a single-product checking account into a broader financial OS — adding Reserves (budgeting), Invoices, Novo Boost (accelerated Stripe payouts), Novo Funding (merchant cash advance), and Novo Payroll. The company has consistently relied on BaaS partnerships (Middlesex Federal Savings as sponsor bank, Check for payroll, Betterment at Work for 401(k)) rather than acquiring a charter, positioning itself as an embedded-finance aggregator for the SMB segment.