“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.
Novo discloses Middlesex Federal Savings and F.A. as its banking providers, according to the Embedded Finance Index 2026.
Novo does not disclose a bank charter of its own; its banking services are provided through Middlesex Federal Savings and F.A..
Novo processes payments through Stripe. Disclosed money-movement rails: ACH.
Novo's cards are issued through Lithic.
Novo's lending and capital products are provided by Victory Park Capital.
Novo uses Wise Platform for FX and cross-border payouts.
Novo's payroll is powered by Check.
Novo uses Sardine for fraud prevention.
Novo integrates with QuickBooks and Xero.
The Embedded Finance Index 2026 maps 11 layers in Novo's stack: Payments / PSP (Stripe); Money movement (ACH); Banking / BaaS (Middlesex Federal Savings and F.A.); Card issuing (Lithic); Lending (Victory Park Capital, Novo Funding (merchant cash advance) and Draw-down MCA up to $10,000); Payroll (Check); KYC (Alloy and Middesk); Sponsor bank (Middlesex Federal Savings and F.A.); FX & payouts (Wise Platform); Accounting (QuickBooks and Xero); Fraud (Sardine).
Novo was founded by Michael Rangel and is founded in 2016, headquartered in Miami, Florida, USA.
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