Novo business banking launches in US
New York-based business banking provider Novo has powered up with the offer of a checking (current) account and debit card solutions that use artificial intelligence (AI) technology.
The bank, which is aiming at the start-up 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.
It doesn’t offer lending services or interest-bearing accounts.
Michael Rangel is the bank’s co founder and CEO. His experience includes working as a lead trade administrator at Fairholme Capital Management.
The other co-founder is Tyler McIntyre. He recently attended the University of Pennsylvania – The Wharton School.
FinTech Futures has contacted Novo for more details and is waiting for a reply.
You can check out our comprehensive list of US challenger banks here.