Novo is a fintech business banking platform (banking services provided by Middlesex Federal Savings) aimed at small business owners who want free, no-frills digital banking with modern integrations. Novo charges no monthly or transaction fees, no minimum balance requirements, and refunds up to $7/month in ATM fees. Account opening is fully digital and fast, typically taking under 10 minutes, which is why so many early-stage HVAC technicians forming LLCs start with Novo before graduating to Relay or a traditional bank.
Beyond basic checking, Novo includes unlimited free invoicing (accept ACH, Venmo, PayPal, or credit card via Stripe/Square), Novo Reserves (envelope-style buckets to set aside money for taxes and expenses), and native integrations with QuickBooks Online, Stripe, Square, Shopify, Gusto, and Xero. The QuickBooks integration (launched natively in late 2023) surfaces profit and loss data and top expenses directly in the Novo dashboard. Novo also offers Novo Boost, which accelerates Stripe payouts to same-day deposit instead of Stripe's standard 2-day wait, useful for HVAC shops accepting card payments in the field.
Where Novo falls short is on advanced features: no sub-accounts beyond Reserves envelopes, no lending, no cash deposits (ATM only via Allpoint), no wires historically, and a customer service reputation that has deteriorated as the product has scaled. For HVAC solo operators and small shops focused on accepting payments and keeping costs at zero, Novo is an easy starting point; multi-truck operations practicing Profit First typically migrate to Relay or a commercial bank.