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MIAMI, March 23, 2023 — Novo, the powerfully simple® financial platform for small businesses, today announced that it has been named the “Best Digital Banking Platform” in the 2023 FinTech Breakthrough Awards.
“Everyone is quick to praise small businesses as the backbone of American society, but when it comes to helping small businesses that are bringing four- or five-figure monthly revenues and facing cash flow challenges, they’re left to fend for themselves,” said Michael Rangel, CEO and co-founder of Novo. “At Novo, we’re building a fintech platform that’s helped hundreds of thousands of small businesses access their revenue faster and save time on business-critical tasks. For small business owners, this means they can pay themselves, their employees, and their vendors on time, and focus on doing what they do best: building their companies.”
Novo is unique in its ecosystem approach to small business checking. The company has built a robust, intuitive platform that allows small businesses to connect all of their business and financial applications to their Novo account. Small businesses can customize their Novo accounts to give them instant visibility into everything from e-commerce sales, to pending invoices, and cash-on-hand. Novo also allows small businesses to take advantage of dozens of integrations, and manage connections with hundreds of platforms.
Over the last year, Novo has launched a series of new products to help small businesses improve their cash flow:
- In the first quarter of 2023, Novo announced enhancements to Novo Invoices to help small business owners receive payments faster, formed new partnerships with LegalZoom and Alignable, and completed a pilot program for the company’s working capital product that will launch in the second half of 2023.
- In 2022, Novo launched Novo Boost for giving small businesses and freelancers same-day access to payments received through Stripe, and Express ACH for processing same-day ACH payments. With Novo Boost plus Express ACH, the typical week-long process of moving money from an e-commerce platform to a business checking account, and then using these funds to pay yourself or a vendor, can now happen in one day.
To learn more about Novo, visit novo.co.
About Novo
Novo Platform, Inc. (“Novo”) is the powerfully simple checking account and financial technology platform built for small businesses. To learn more, visit www.novo.co.
Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A.; Member FDIC, and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.
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