Are there any business types that can't apply for a Novo account?

Yes. Some business types aren’t a fit for Novo.

This comes down to the rules we have to follow and the level of risk we can take on.

We can’t support businesses involved in:

Adult content or services
ATMs, vending machines, or banking kiosks
Credit repair or debt collection
Crowdfunding
Cryptocurrency (dealers or exchanges)
Firearms or military equipment
Hemp production (growing or processing, but hemp-based CBD retail is allowed)
Investment clubs or unregistered advisors
Investment firms or pooled funds
Invoice factoring or discounting
Marijuana or cannabis products
Money service businesses (MSBs)
Lending (mortgage or non-mortgage)
Online gambling or fantasy sports platforms
Gas stations
Securities or investment companies

If your business isn’t listed, we may still decline an application if it falls outside our risk guidelines. This is based on compliance requirements and risk.