Novo Launches Pocket-Sized CFO to Empower Small Businesses at TechCrunch Disrupt San Francisco
App offers no-fee business bank accounts with business-oriented cash management tools, letting entrepreneurs focus on running their businesses not their accounts
SAN FRANCISCO, Sept. 5, 2018 /PRNewswire-PRWeb/ -- Novo today announced the launch of its no-fee small business banking app for iOS at TechCrunch Disrupt San Francisco, September 5th-7th, 2018. The 2017 Barclays Accelerator, powered by Techstars graduate has built a secure banking app for entrepreneurs by entrepreneurs to empower them with valuable insights into their spending.
Novo brings the power of a bank branch to your phone simply, securely and easily with no minimum balance requirements, simple terms with no hidden fees, no paperwork, plus free business checking and debit card access.
"It's not surprising to learn 82 percent of small business fail due to poor cash flow management," explains Tyler McIntyre, Co-Founder and CTO. "We designed Novo to beat those odds with business-oriented cash management tools. The app will send you alerts like a real CFO would. For example: 'Your burn rate increased 53% last month, decreasing your runway to 4 months.' and 'You spent 35% ($257) more on AWS last month' This allows founders to be empowered with real-time financial information to better manage their finances and operate their businesses."
Enabled by their community bank partner, Middlesex Federal Savings, Novo is able to continue operating as a technology company without being bogged down by regulatory scrutiny or clunky antiquated core banking systems. Since 2009, the number of FDIC-insured banks has dropped by 28 percent, thus limiting the number of options business-owners have when choosing their primary business banking partner.
"Since 2010, only ten FDIC-insured, commercial banking charters have been issued, five in 2010 and five in 2017, and Novo is at the forefront of innovation and product development in the inevitable and necessary business banking revolution," says Michael Rangel, Co-Founder and CEO. "Working with a community banking partner gives us the advantage to leapfrog competitors seeking banking charters in this regulatory environment."
Novo looks to leverage technologies like machine learning, create integrations with Stripe, Square and others, and create an educational resource center for their entrepreneurs.
Novo will be speaking at FinovateFall in New York City, Sept. 24th-27th, 2018 and Money20/20 October 21th-24th, 2018 in Las Vegas. To see a full list of events featuring Novo visit: http://www.banknovo.com/events.
About Novo
Novo offers a better business banking experience for millennials through technology-enabled depository products. The secure mobile application gives users access to everything a traditional small business bank account would with a focus on technology-powered customer service and customization. Along with future lending products, Novo leverages artificial intelligence technology to equip business owners with a pocket-sized CFO built right into their mobile banking application. Long gone are the days of spending hours learning Quickbooks or tracking a spreadsheet. Novo has built a toolset where it belongs - your bank account. For more information, visit http://www.banknovo.com.
SOURCE Novo
Share this article