IAMI, August 3, 2021 — Novo, the powerfully simple small business banking platform, today announced that it has been named the “Most Innovative Bank in North America” in The Banker’s 2021 Innovation in Digital Banking Awards. Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A.; Member FDIC.
Owned by The Financial Times Ltd., The Banker has been the trusted source of banking information since 1926. The organization’s Innovation in Digital Banking Awards recognizes and rewards the most transformative digital projects in commercial, retail, investment, and private banking. By sharing successes and identifying industry leaders, The Banker sets the standard for digital transformation in banking.
“When Tyler and I started Novo, we believed the future of small business banking would be invisible — a future where banking faded into the background, putting the focus on the business owner and how they did business,” said Michael Rangel, CEO and co-founder of Novo. “We are truly honored that The Banker has recognized Novo’s progress towards making this vision a reality, and greatly look forward to continuing to help millions of small businesses owners across the U.S. grow their companies in the years to come.”
Since launching in 2018, more than 100,000 small businesses have opened a Novo account. In 2021, Novo surpassed $2 billion in lifetime transactions, announced a number of new features, and opened its new headquarters in Miami. The company also announced $40.7M in Series A funding and was named both CNBC’s Best Business Checking Accounts of July 2021 and Money Magazine’s Best Business Checking Accounts of 2021.
“Novo’s digital banking strategy isn’t just focused on helping small businesses keep their money safe — it’s creating a solution that truly helps small businesses save time, streamline their finances, and improve their cash flow,” said Tyler McIntyre, CTO and co-founder of Novo. “Small businesses have signed up for Novo because our company’s digital-first banking platform offers robust functionality and an intuitive interface for sending and receiving payments — completely free of charge and without minimum balance requirements.”
Read more about Novo’s recognition as “Most Innovative Bank in North America” here.
About Novo Novo is the powerfully simple banking platform for small businesses. To learn more, visit https://www.novo.co/.