FAQ

What is Novo?

Novo is a business banking tool that doubles as your company’s pocket CFO by employing Artificial Intelligence (AI) technology to fully understand you and your business. By offering depository account products and the ability to connect all of your accounts, Novo provides real-life recommendations based on your comprehensive financial picture.

All from within the app, you can link your accounts, pay your bills, process ACH transfers, cancel recurring subscriptions, transfer money between your accounts, and, best of all, chat with your virtual CFO, Claire.

Unlike your accountants, Novo is always working in the background keeping everything in check.

Why another digital bank and what makes Novo different?

It seems that digital banks are popping up everywhere these days offering the same types of products / services and catering to the same customer segments. The small business market, however, has been underserved in the banking sector for decades and this large gap in available solutions was the reason we launched Novo.

At Novo, we are a digital financial provider focused on improving the lives of small businesses by providing technology not made available anywhere else. In order to build a simple and valuable banking platform for small businesses, we have created an artificially intelligent robot that learns from and customizes itself to each and every business.

Who is Claire and what can she do?

Claire is an AI-powered interactive financial assistant that lives on your mobile device.

Claire’s core functionality lies in 2 areas:

Active engagement

Users chat with Claire like chatting to a friend to get quick and easy financial insights.

  1. Claire, send an ACH transfer to ACME Corp for $1,327 and email me confirmation

  2. Sure, I am doing ACH transfer and email you

Novo Smart Alerts
Your burn rate decreased 21% last month increasing your runway to 9 months.
Burn Rates & Runways
Passive Financial Management

Claire provides notifications to help users even when they aren’t looking.

What financial institutions will Novo support?

Novo supports over 18,000 banks and other financial institutions throughout the United States. This means that you can link virtually any account to Novo.

If you don’t see your bank or financial institution listed in the search results on the account linking page, please email us as we are always adding new partners to our platform.

Are my deposits insured?

Yes, all the funds in your account will be held by a partner bank. They’re insured to at least the FDIC maximum, which is currently $250,000.

When will Novo be available?

We are working hard with our bank partner to have our banking tools on the market no later than mid-2017. Reserve your account here.

Did we not answer one of your questions?

Send us an email @ support@banknovo.com we’d love to hear from you.