Novo, a leading banking platform tailored for solopreneurs and small business owners, announced at Money 20/20 USA a significant expansion of its services with the launch of the Novo Business Credit Card issued by Continental Bank, as well as new financing and bookkeeping products.
Designed specifically for the growing community of solopreneurs — an often overlooked yet rapidly rising segment of the U.S. workforce — the suite of solutions aims to simplify the financial management burden for self-employed professionals like consultants, accountants, and designers.
With solopreneurs accounting for 84% of all U.S. small businesses, their collective influence on the economy is unmistakable. The entrepreneurial spirit is booming, with a record 5.5 million new ventures launched in 2023 alone. Despite this surge, many solopreneurs face significant challenges in managing their businesses’ finances efficiently. Novo’s new suite of products — Novo Bookkeeping, the Novo Business Credit Card, and Novo Invoice Flex — responds directly to the needs of this community, offering comprehensive financial tools that simplify operations and allow them to focus on growing their businesses. The new products complement Novo’s popular small business checking and debit card offerings.
“At Novo, we believe that entrepreneurship is not meant to be a solitary journey. Building a business doesn't mean going at it alone,” said Michael Rangel, CEO and founder of Novo. “Our mission is to be the trusted financial partner that small business owners can rely on to simplify bookkeeping, optimize cash flow, and unlock access to credit. The Novo platform supports solopreneurs in the exact moments when they need support, providing the freedom to focus less on the financial details and more on pursuing their passion. With Novo, you're not just building a business — you're part of a community that has your back every step of the way.”
Novo's new suite of products includes:
Novo Bookkeeping: This AI-powered tool automates expense categorization, provides comprehensive monthly financial overviews, and simplifies receipt management—offering a bookkeeping solution that's accurate and hassle-free.
Novo Invoice Flex: A cash-flow accelerator that allows customers to advance the full amount of their invoices instantly upon sending, eliminating payment delays and enabling smoother day-to-day operations.
Novo Business Credit Card: The Novo Business Credit Card is tailored for solopreneurs, offering cash flow versatility, fraud protection, and integrated financial transparency, along with partner perks and attractive cashback rewards.
“It is not enough anymore to simply offer entrepreneurs and small businesses a competitively priced and easy-to-use business credit card,” said Nathan Morgan, CEO and founder of Continental Bank, Novo’s partner bank for the Novo Business Credit Card. “Novo has created a purpose-built banking platform with products and services that are as complimentary as they are valuable together.”
This product launch comes during a period of substantial growth for Novo, which was recently named in the top 100 of the Inc. 5000 list of America’s Fastest Growing Companies for the second year in a row. With over 250,000 small businesses using Novo and more than $30 billion in transactions processed, the platform continues to expand its footprint as a leader in banking solutions for small and self-employed business owners.