Small businesses are increasingly turning to digital banking solutions for their financial needs. As they do, they’re finding a wide array of options designed specifically to help them, including Novo, a popular online banking platform. Novo has gained traction among small business owners in recent years thanks to its focus on automation tools and integrations for startups and freelancers.

While Novo is a popular option for digital banking, what’s right for one small business owner might not be right for others. With a growing range of digital banking options, it’s important to explore Novo bank alternatives to find what’s best for you. Let’s take a look at six top contenders that stand out as compelling Novo banking alternatives in 2024.

Meet the Best Novo Bank Alternatives

Novo offers plenty of features and perks for small business owners, but not every entrepreneur is looking for the same thing in a banking partner. To that end, it’s important to understand all your options to see how they stack up. Let’s dive into the specifics of six competitors that have made a name for themselves in small business digital banking circles.

1. North One

North One prioritizes strong client relationships, offering personalized financial guidance and dedicated account managers. They also equip their customers with tools to streamline operations, like time and money-saving Integrations that automate manual workflow and budgeting features like Envelopes. This tailored approach goes beyond basic business checking and savings services to being a true partner in business.

North One also provides access to financing options designed to help small businesses take advantage of growth opportunities. They offer flexible lines of credit and business term loans of up to $250,000, making them a valuable partner for growing businesses.

While Novo excels in automation and integrations, North One focuses on building long-term partnerships and providing strategic financial advice. This personalized touch caters to businesses with complex financial needs and ambitious growth plans.

Distinguishing Features

  • Personalized financial guidance and dedicated account managers
  • Access to lines of credit and other financing for high-growth startups
  • Seamless integrations with industry-leading bookkeeping software

2. Brex

Built from the ground up for startups and scaling businesses, Brex offers a comprehensive financial platform that seamlessly integrates business checking, corporate cards, and expense management tools.  Beyond traditional debit cards, Brex provides virtual and physical corporate cards with generous spending limits and rewards programs for high-growth companies. The platform also boasts robust equity management features, allowing startups to track and manage stock options for employees and investors.

Unlike Novo, which focuses on automation for basic business banking tasks, Brex caters to venture-backed startups with more sophisticated financial needs. Their integrated tools and features streamline financial management for businesses navigating rapid growth and funding rounds.

Distinguishing Features

  • Integrated business checking, corporate cards, and expense management tools
  • Virtual/physical corporate cards with generous spending limits and rewards programs
  • Robust equity management features for tracking and managing stock options.

3. Mercury

Mercury is a compelling alternative for small businesses seeking a user-friendly and effortless banking experience. Their intuitive interface simplifies even complex financial tasks, making it a great option for business owners who may not have extensive accounting experience.  Mercury prides itself on transparent pricing with a flat monthly fee that covers all transactions, eliminating the confusion of hidden charges or per-transaction fees. This straightforward approach allows businesses to forecast their banking costs easily.

While Novo and Mercury cater to a broad range of small businesses, Mercury shines with its user-friendly interface and transparent pricing. This makes them a strong contender for business owners prioritizing a simple, cost-effective banking solution.

Distinguishing Features

  • Intuitive interface that simplifies complex financial tasks
  • Transparent pricing with a flat monthly fee covering all transactions
  • Eliminates confusion of hidden charges or per-transaction fees

4. Lili Bank 

Lili Bank understands your unique financial needs if you’re a freelancer or an independent contractor. This digital banking platform is built specifically for solopreneurs, offering a suite of features to simplify your financial life. Lili seamlessly integrates with popular freelance platforms, allowing you to track income and expenses effortlessly. They also boast robust tax tools and budgeting features, helping you stay organized and prepared for tax season.

While Novo offers basic business banking features, Lili goes a step further by catering to the specific challenges faced by freelancers. Their integrated tax tools and budgeting features eliminate the need for additional software or manual calculations, saving you valuable time and reducing the risk of errors.

Distinguishing Features

  • Seamless integration with freelance platforms for income and expense tracking
  • Robust tax tools and budgeting features to simplify financial management
  • Reduces the need for additional software or manual calculations

5. Grasshopper Bank

Grasshopper Bank stands out as a strong alternative for businesses seeking a more traditional banking experience with a local touch. They prioritize building partnerships with their clients, offering personalized service and dedicated relationship managers. Grasshopper Bank is deeply committed to supporting its local communities, offering financial products and services tailored to the needs of small businesses in its region. It also actively participates in community development initiatives.

Novo provides a convenient online banking experience, but Grasshopper Bank focuses on fostering strong, in-person relationships with their clients. Their dedication to local communities and personalized approach resonates with businesses seeking a trusted financial partner invested in their success.

Distinguishing Features

  • Personalized service and dedicated relationship managers
  • Financial products and services tailored to the needs of local small businesses
  • Participates in initiatives that support the growth and success of local businesses

6. Bluevine

Bluevine caters to small businesses with ambitious growth plans, offering a comprehensive digital banking platform that goes beyond traditional checking accounts.  In addition to business checking and bill pay features, Bluevine provides access to working capital financing and lines of credit. This allows businesses to access the funds to invest in inventory, hire new employees, or pursue other growth opportunities.

While Novo offers basic banking features, Bluevine focuses on empowering businesses to secure the funding they need to scale. Their access to working capital financing and lines of credit makes them a strong contender for businesses actively seeking to expand their operations.

Distinguishing Features

  • Access to working capital financing and lines of credit for growth opportunities
  • Business checking and bill pay features to streamline financial management
  • Empowers businesses to secure the funding they need to scale their operations

How to Choose the Best Novo Bank Alternative

With a diverse range of options available, selecting the perfect Novo alternative depends on understanding your business’s banking needs and financial goals. 

First, consider factors like your business’s size and stage. Startups with ambitious growth plans might prioritize access to funding options like venture debt or credit lines offered by North One or Bluevine. On the other hand, freelancers might greatly benefit from Lili’s integrated tax tools and expense-tracking features. Evaluate your comfort level with technology, too. If you value a user-friendly interface and transparent pricing, Mercury might be the ideal fit. 

Ultimately, the best Novo bank alternative is the one that seamlessly integrates with your workflows, offers features that address your specific challenges and fosters a banking experience that aligns with your growth trajectory.

North One Helps Small Businesses Bank Better

There’s never been a better time to explore digital banking solutions. While Novo excels in automation and integrations, businesses seeking a more hands-on approach with long-term partnership potential should strongly consider North One. Our focus on personalized financial guidance, access to specialized financing options like venture debt, and potential connections to investment opportunities make us a compelling choice for high-growth businesses and ambitious entrepreneurs. 

Explore the benefits North One offers small businesses. Open a bank account today to see just how simple digital business banking can be. Or, take a tour and explore the North One platform today!