Novo review 2026: free business checking account features, fees, Novo Boost, and how it compares to Mercury, Bluevine, and traditional business banks.
Novo was founded in 2016 by Michael Rangel, Tyler McIntyre, and Rijk Plasman and is headquartered in New York City. It provides free business checking accounts for small businesses, freelancers, and startups through FDIC-insured partner banks, operating as a fintech rather than a chartered bank itself.
The company has raised close to $300 million across multiple funding rounds through a Series C in 2023, and has grown to roughly 400 employees while focusing on serving solo entrepreneurs and small businesses that traditional banks often underserve.
Novo's core checking account carries no monthly fees, no minimum balance requirement, and no charges for incoming or outgoing ACH transfers, insufficient funds, or debit card replacement. It also refunds third-party ATM fees up to $7 per month and allows free withdrawals at any ATM worldwide.
Novo Boost speeds up access to funds from payment processors like Stripe, while Novo Reserves let business owners create up to 10 sub-accounts to automatically set aside money for taxes, payroll, or savings goals. Deep integrations with QuickBooks, Xero, Shopify, and Stripe streamline bookkeeping and payment workflows.
Novo's core business checking account is entirely free, with no monthly maintenance fees or minimum balance requirements. The company generates revenue primarily through debit card interchange fees rather than charging users directly for the account itself.
Certain services, such as outgoing domestic wire transfers (typically $25-$30) and expedited card shipping, carry a fee, but the vast majority of everyday banking activity remains free.
No, Novo is a fintech company, not a chartered bank; its checking accounts are provided through FDIC-insured partner banks.
No, Novo's core business checking account has no monthly maintenance fees, no minimum balance requirements, and no ACH transfer fees.
Novo Boost is a feature that speeds up access to funds from payment processors like Stripe, reducing payout wait times for businesses.
Novo Reserves let business owners create up to 10 sub-accounts within their Novo account to automatically set aside money for taxes, payroll, or other savings goals.
Novo was founded in 2016 by Michael Rangel, Tyler McIntyre, and Rijk Plasman and is headquartered in New York City.
Novo allows free withdrawals at any ATM worldwide and refunds up to $7 per month in third-party ATM fees charged by the ATM operator.
Common alternatives include Mercury, Bluevine, Relay, and Found, as well as small business accounts from traditional banks like Chase and Bank of America.