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IAMI, February 1, 2022 — Novo, the powerfully simple small business banking platform sponsored by Middlesex Federal Savings, F.A., today launched the Novo Virtual Card to provide small businesses with a fast, safe payment method that’s available from the moment they fund their Novo account.
“Virtual cards have grown in popularity over the last few years, but many small business owners don’t use virtual cards because their banks don’t offer them and they don’t want to implement an entirely separate virtual cards application,” said Michael Rangel, CEO and co-founder of Novo. “Starting today, Novo is giving all of its small business customers the easiest way to start using virtual cards, through the Novo digital banking platform they use every day.”
The Novo Virtual Card allows small business owners to:
- Spend money immediately upon opening a Novo account: Novo understands that making purchases in a timely manner is essential for small businesses. While a physical card has to be mailed out and can take days to arrive, the Novo Virtual Card is ready for use as soon as a small business funds their Novo checking account.
- Increased fraud protection: There are several ways that a virtual card can help mitigate fraudulent activity. Virtual cards cannot be physically stolen or re-used. They can also be encrypted and stored securely with a password.
- Instant transaction notifications: Users receive a push notification immediately after spending money on their Novo Virtual Card, which can help with tracking purchases and staying on top of spending habits. If a small business owner sees a suspicious charge, they can immediately freeze their card from the Novo app.
The Novo Virtual Card is the latest in a series of products Novo has launched to help small businesses simplify their banking and finances. Novo recently launched the Novo App Marketplace, allowing small businesses conduct many of their banking workflows directly through the Novo platform, instead of having to jump between several applications for tasks such as tracking sales between e-commerce platforms or evaluating cash-on-hand. Through the Novo App Marketplace, small businesses can implement dozens of integrations, and manage connections with hundreds of platforms. Additional products Novo has launched over the last year include Novo Invoices for sending an unlimited number of invoices, Novo Reserves for building a rainy day fund or planning for larger capital expenses, and a range of integrations and self-service capabilities.
The Novo Virtual Card can be accessed through a small business user’s Novo account, and added to Apple Wallet or Google Pay. To learn more about The Novo Virtual Card, visit https://www.novo.co/features.
Novo Platform, Inc. (“Novo”) is the powerfully simple banking platform for small businesses. To learn more, visit www.novo.co.
Novo is a fintech and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands.
Additional information regarding FDIC insurance coverage is available at www.fdic.gov. The Novo Virtual Debit Card is issued by Patriot Bank, N.A.; pursuant to a license by Mastercard International. The Novo Virtual Debit Card may be used everywhere virtual Mastercard debit cards are accepted.
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