ovo, the award-winning banking platform for modern entrepreneurs, has been named one of 2020's best business checking accounts by Money Magazine. Novo was selected for its standout features including zero account minimums and no fees for ACH transfers, mailed checks, and incoming wires. Unlike traditional brick-and-mortar banks, Novo's mobile-first banking platform was built for entrepreneurs who seek on-demand solutions to today's business challenges while providing transparency and flexibility. (Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A.; Member FDIC).
"We are proud to be recognized as the best by Money Magazine, one of the most reputable industry sources out there. As we enter a new decade where fintech and banking converge, Novo is committed to leading the charge in building the best business checking account for mainstream American business owners and this is further confirmation that we are well on our way," said Michael Rangel, Novo Founder and CEO.
Since its founding in 2016, Novo has rapidly grown to become an SMB favorite and is used by businesses ranging from sole proprietorships to corporate entities across all 50 states. 2019 was a landmark year for Novo as it experienced a growth rate of 1000% and won multiple awards, including Visa's Everywhere Initiative Challenge for its revolutionary approach to solving today's payment challenges. It also released industry-changing products and became the first U.S. banking platform to integrate with Xero and Wise, formerly TransferWise--two of the leading business tools used today. By being one of the first banking platforms to allow integrations with leading accounting, payroll, money transfer and workplace tools, Novo meets the market demand for a self-service, all-in-one model of business operations.
In 2020, Novo plans to announce more groundbreaking product features and integrations. About Novo Novo is an award-winning, mobile-first banking platform for the modern entrepreneur, giving users powerfully simple tools to bank on their own terms. Built by entrepreneurs for entrepreneurs, Novo allows users to easily open a robust business checking account in minutes, with no minimum balance requirements, no hidden fees, no paperwork, plus free business checking and debit card access. Focusing on customer centricity, Novo offers revolutionary integrations with today's leading business tools to give entrepreneurs insights into the financial health of their small businesses. Reflecting on the diversity of the American small business landscape, Novo users range from sole proprietors to high-growth startups from all 50 states.