Novo

Official Website: https://banknovo.com/
Platforms: Web | Android | iOS
Account Types: Business Checking
Partner Bank: Middlesex Federal Savings
Minimum Account Balance: $0.00
Lowest Monthly Fee: $0.00
Headquarters: New York, NY

Features: Visa Debit, Free ACH transfers

Novo is a US-based challenger bank that enables businesses to bank entirely online, including account opening, with no monthly fees or minimums.

In the wake of the Azlo shutdown, Novo has stepped up aggressively for the former Azlo business checking customer base.

Novo has actually been around for some time and offers a strong free checking account product for small to medium sized businesses without the need to visit any physical branch. Accounts are held by Middlesex Federal Savings as their banking partner.

Novo offers a good online account opening process, online business banking with their web portal as well as well-developed Android and iOS apps, and overall provides a smooth experience for small business banking. Pay bills and contractors using free ACH transfers and Bill Pay.

Unlike some of their competitors, debit cards must be activated by phone (although the process is almost entirely automated) rather than an in-app activation function. Overall, a relatively strong entry in the business neobank space.