The bank, which is aiming at the startup market, doesn’t have a licence but white labels its services. Its products can be connected with other financial accounts, and Novo steps in to provides recommendations based on a user’s financial picture.
Novo’s deposit account services and card are provided by Middlesex Federal Savings. The card is pursuant to a licence by Mastercard.
Novo is currently being offered to small businesses for free. Its banking tools are from within the app, and users can link accounts, pay bills, process ACH transfers, cancel recurring subscriptions, and transfer money between accounts. It has plans to launch this service on a web platform in the coming months.
The bank doesn’t offer lending services or interest-bearing accounts.
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