Is Novo an actual bank?
Novo is technically classified as a financial technology company rather than a traditional, direct chartered bank. It does not hold its own independent banking license; instead, it collaborates with fully regulated, FDIC-insured partner banking institutions to provide checking accounts and financial services to its business customers. This arrangement allows users to enjoy modern digital software interfaces, automated bookkeeping tools, and mobile check deposits while ensuring that their hard-earned money remains legally protected by federal deposit insurance through the underlying partner bank. Therefore, while it functions as a digital banking hub for users, it operates under a fintech-partner model rather than traditional brick-and-mortar banking structures.
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