Novo, the no-fee banking platform for modern entrepreneurs, has been selected as the overall winner of the 2019 U.S. edition of the Visa Everywhere Initiative (VEI) out of 561 high growth start up applicants solving payment challenges of tomorrow. Reflecting the diversity of today’s innovation landscape, VEI’s talent pool exhibited cutting-edge technology that ranged from the latest in facial recognition to workflow automation. The program first launched in the U.S. in 2015 and has since expanded into a global program with more than 6,000+ participating startups collectively raising over $2.5 billion in funding. As Visa’s premier global program for innovation, VEI activates across six continents in over 100 countries to address the most critical business challenges in today’s market.
“The Visa Everywhere Initiative allows us to collaborate with innovative startups like Novo, and provide our clients with fresh approaches and ideas for solving business challenges,” said Alison Rezai, vice president of product marketing, Visa. “Novo was chosen as this year’s U.S. edition winner out of a very competitive pool of startups and we look forward to working with them as they pave the way for a new model of digital banking for SMBs.”
Founded by entrepreneurs for entrepreneurs, Novo was built in response to the decades-old processes of the past that no longer serve today’s modern business landscape that seek mobile-first and on-demand solutions. To enable agile SMBs to do more with less, Novo’s integrative and user-friendly approach to digital banking allows users to incorporate today’s leading business tools seamlessly into one banking platform.
By being one of the first banking platforms to allow integrations with leading accounting, payroll, money transfer and workplace tools, Novo reflects the market demand for a self-service, all-in-one model of business operations. “With the onset of fintech and the on-demand economy, the future of banking will evolve to enable even the smallest of businesses to operate globally,” says Michael Rangel, Novo CEO and co-founder. “When we look at the banking industry a decade from now, banks will no longer be stand-alone entities–they will act as financial watchtowers and operating systems at the core of every small business, from sole proprietors to high growth startups.”