Novo and Found offer minimal fees*, built-in bookkeeping, and unlimited free invoicing. If you value cost-saving features and quick financing access, Novo provides ATM fee refunds ATM fee refunds are limited up to $7 monthly. , discounts on popular business software, and a seamless funding solution. Meanwhile, Found is best for blended banking and accounting with its automated tax savings, receipt capture, and built-in bookkeeping platform that tracks tax write-offs and calculates real-time tax estimates.
Here is a summary of what each provider is best for:
- Novo Novo is a financial technology (fintech) company, not a bank. It provides Federal Deposit Insurance Corp. (FDIC) insurance on deposits up to $250,000 through a supporting bank partnership with Middlesex Federal Savings (Member FDIC). is best for businesses that need rapid access to funds, faster payments, and fee-free ATM usage ATM fee refunds are limited up to $7 monthly.
- Found Found is a financial technology company, not a bank. Business banking services are provided by Lead Bank, Member FDIC. The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. is best for businesses seeking detailed expense categorization and extensive tax preparation assistance
Novo vs Found Business Checking Quick Comparison
 Novo Business Checking |  Found Business Checking | |
|---|---|---|
Required Opening Deposit | $0 | |
Required Balance Minimum | $0 | |
Monthly Fees | None | No required monthly fees* |
Automated Clearing House (ACH) Fees | $0 | |
Domestic Wire Transfer Fees | $0 for incoming; cannot send wires domestically | $0 for incoming but can only be received in Found accounts; $15 for outgoing |
International Wire Transfer Fees | $0 for incoming; can send low-fee international wires via Wise | Cannot send or receive international wire transfers |
ATM Fees | None; refunds third-party ATM surcharges up to $7 monthly | |
Cash Deposit Fee | Cash must be deposited through money orders | Accepted at more than 79,000 retail locations; list available in the Found app |
Our Reviews | ||
Open an Account | ||
Novo Business Checking | Found Business Checking | |
|---|---|---|
Debit Card | Mastercard Business Debit Card (physical and virtual) | Mastercard Business Debit Card The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted. (physical and virtual) |
Additional Debit Cards | One per additional user | Up to 10 virtual cards |
Reserve Accounts | Up to 20 | Tax savings pocket |
Accounting Software Integrations | QuickBooks and Xero | QuickBooks |
Business Software Integrations | Stripe, Square, PayPal, Wise, Shopify, Amazon, Apple Pay, Google Pay, and Samsung Pay | Cash App, PayPal, Square, Stripe, Venmo, Apple Pay, and Google Pay |
Customer Service | Available via Novo app and phone
Novo’s user support phone number is located on the back of your debit card
Email: [email protected]. Mondays to Fridays, 9 a.m. to 6 p.m. Eastern time | Email: [email protected] Phone: (888) 845-0131 Monday to Friday, 8 a.m. to 5 p.m. Pacific time |
Invoicing Products | Unlimited free invoicing | |
Other Products Available | Merchant cash advances (MCAs) through Novo Funding and limited liability company (LLC) creation | Found Plus* |
Our Reviews | ||
Open an Account | ||
When To Use
Comparison of Found vs Novo Business Checking Features
Novo | Found | |
|---|---|---|
3.67 ★ | 3.58 ★ | |
Check Deposits | ★★★★ | ★★★ |
Cash Deposits | ★★ | ★★★★ |
ATM Network & Fees | ★★★★★ | ★★★★ |
Additional Debit Cards | ★★ | ★★★ |
Reserve Accounts | ★★★★★ | ★★★ |
Accounting Tools | ★★★★ | ★★★★★ |
Invoicing Tools | ★★★★ | ★★★★★ |
Cash Flow Boost | ★★★★ | ★★★★ |
ACH Transfers | ★★★★★ | ★★★★ |
Contractor Management | 0 | ★★★★★ |
Other Products | ★★★★★ | ★★★ |
Available Financing | ★★★★ | 0 |
Rating Explanation: ★★★★★ 5: This feature enhances your banking experience at no cost. ★★★★ 4: This feature has a few minor drawbacks/limits or comes at a slight cost. ★★★ 3: This feature has a few drawbacks/limits or comes at a slightly high cost. ★★ 2: This feature has a few major drawbacks/limits or comes at a high cost. ★ 1: This feature has major drawbacks/limits. 0: This feature is unavailable. | ||
When comparing Found vs Novo business checking, Novo slightly edges out Found when it comes to day-to-day transactions, such as check deposits, ATM fees, and ACH transfers. However, Found offers a wider range of useful and affordable digital business tools.
Novo: 4 out of 5
The Novo app has a mobile check deposit feature, which lets you skip branch visits by taking photos of your checks using your mobile device for convenient and safe check deposits.
Found: 3 out of 5
The Found app supports mobile check deposits and lets you deposit up to $3,000 weekly. However, not all users are eligible for this feature; and the website does not list the criteria you need to meet to become eligible.
Novo: 2 out of 5
There is no direct way of depositing cash through Novo. Instead, you’re required to purchase and deposit a money order into the Novo app.
Found: 4 out of 5
Found lets you deposit cash through participating retail locations, which are listed in the Found app. You can deposit up to $2,000 per week.
Novo: 5 out of 5
Novo refunds up to $7 each month of ATM operator fees you may incur.
Found: 4 out of 5
You can use your Found debit card The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted. to make ATM transactions anywhere. However, it does not refund third-party operator fees.
Novo: 2 out of 5
You can issue one new debit card for every additional user. However, there is no way to control spending per card.
Found: 3 out of 5
With Found, you only get one physical debit card The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted. . However, you can issue up to 10 additional virtual debit cards and customize spending limits per card.
Novo: 5 out of 5
Novo lets you create up to 20 reserve accounts. This feature lets you split your balance into dedicated buckets, which helps you track how much money you have for expenses like payroll, inventory, taxes, and more.
Found: 3 out of 5
Each Found account gets a Primary Pocket and Taxes Pocket to help organize funds. Your Primary Pocket is where your spending money is stored since all deposit and payment funds appear here.You can create up to eight custom Pockets as well.
Each of these Pockets, including your Taxes Pocket, has its own account number, allowing ou to make deposits into and transfers directly from each Pocket.
For quarterly tax payments, the platform automatically transfers a percentage of any deposit marked as income into your Tax Pocket. This percentage is derived from your tax bracket and the amount of income you’ve reported in Found.
Additionally, you can create up to four custom pockets for different business categories under your Primary Pocket or Tax Pocket.
Novo: 4 out of 5
Novo automatically records and categorizes your business transactions. It uses your data to create monthly income, spending, and net cash flow reports.
Found: 5 out of 5
Found offers built-in accounting tools that help with record-keeping, reporting, and tax preparation. It automatically records and categorizes debit card transactions you make. You can also use receipt capture to pull data from pictures of physical receipts.
Using this data, Found tracks tax write-offs, calculates real-time tax estimates, and generates real-time income, expense, and profit and loss reports. If you upgrade to Plus*, you can send your quarterly federal tax payments directly through Found for Schedule C filers only.
Novo: 4 out of 5
The Novo platform comes with a free invoicing tool that lets you create, customize, and send an unlimited number of invoices. Invoices can be sent instantly or on a scheduled date. Through Novo invoices, you can accept payments through the following channels:
- ACH transfers
- Credit or debit card (processed through Stripe for a 2.9% plus a 30-cent fee)
- PayPal
- Venmo
- Square
- Apple Pay
- Google Pay
Found: 5 out of 5
Like Novo, Found lets you create, customize, and send unlimited invoices. You can schedule invoices or send them instantly. Found lets you accept a wider range of payment options, including:
- Found to Found transfers
- ACH transfers
- Domestic wire transfers
- Credit or debit card (processed through Stripe for a 2.9% plus a 30-cent fee)
- Cash App
- Venmo
- PayPal
Novo: 4 out of 5
Novo’s cash flow boost feature (called Novo Boost) is best suited to businesses that rely on credit and debit card sales for revenue. It gives you access to Stripe, Square, and PayPal payment processing, which lets you receive funds two to four days early.
Found: 4 out of 5
Found’s direct deposit lets you receive client payments two days early**, making it suitable for businesses that rely on client payments for revenue.
Novo: 5 out of 5
With Novo, ACH transfers are free. You can pay a fee worth 1.5% of the transaction amount (with a minimum of 50 cents and up to a maximum of $20) for Express ACH, which sends your payment within a faster window (usually same- or next-day).
Found: 4 out of 5
Found offers unlimited free ACH transfers. You can pay a fee worth 1% of the transaction amount (with a minimum of $1 and up to $25) for Express ACH.
Novo: 0 out of 5
Novo does not offer contractor management tools.
Found: 5 out of 5
Found contractor management tools let you send unlimited contractor payments. Additionally, it helps your contractors report their taxes by collecting their W-9s and automatically generating their 1099-NEC forms.
Novo: 5 out of 5
Outside of business checking, Novo offers useful and accessible business services:
- Partner Perks: Novo’s partner perks offer discounts on some of the most popular business software, such as Stripe, Gusto, and Google Workspace.
- LLC Creation: Through a partnership with LegalZoom, Novo helps businesses with the paperwork involved in forming an LLC.
Found: 3 out of 5
Found offers a premium plan called Found Plus. Though useful, it is slightly pricey, with its monthly fee of $19.99. You have the option to save by paying an annual fee of $149.99 instead.
Exclusive Found Plus features include:
- 1.5% APY on balances up to $20,000
- Unlimited custom rules, categories, and tags
- Auto-imported receipt capture expenses
- Import banking data from banks, cards, PayPal, and Venmo accounts
- In-app tax payments for schedule C filers
- Priority customer support
Novo: 4 out of 5
Small businesses can apply for MCAs of up to $75,000 through Novo Funding. Monthly factor rates start at 1.5%. The online application can be completed in 10 minutes, and Novo will take 24 hours to review it. After approval, you can use the funds right away.
Found: 0 out of 5
Found does not offer any financing options.
**Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.
Novo vs Found Reviews From Users
Novo | Found | |
|---|---|---|
Trustpilot Rating | 4.5 (based on 4,100-plus reviews[1]) | 4.5 (based on around 400 reviews[2]) |
Users Like |
|
|
Users Dislike |
|
|
Reviewers gave both providers an excellent rating of 4.5 on Trustpilot. Novo users praised the provider for its ease of use and useful tools, specifically its reserve accounts, software integrations, and invoicing solution. They also appreciated the lack of fees.
Meanwhile, Found customers said that they were satisfied with the ease of navigating the app and its helpful features. These include available tax tools, virtual cards, and convenient expense tracking.
On the flip side, Novo and Found received some negative feedback for unresponsive customer service. A few Novo users also complained that their accounts were closed after being reviewed for months with no explanation given. Meanwhile, Found clients complained about their frozen accounts for suspicious activity, which caused payment inconveniences.
Frequently Asked Questions (FAQs)
Yes, it is. Found is partnered with Lead Bank to offer banking services, and the funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership catagory. FDIC insurance only covers the failure of an FDIC-insured depository institution.
Novo is not a bank; it is a fintech company that offers banking services through a bank partnership with Middlesex Federal Savings. Your Novo deposits have an FDIC insurance coverage of up to $250,000.
Both Novo and Found are good fintech providers, and choosing between them depends largely on your needs. If you prioritize cost reduction, Novo allows you to save on some ATM fees and popular business software. Meanwhile, if you prefer more streamlined account management, Found provides advanced accounting and tax preparation tools.
Bottom Line
Choosing between Novo vs Found business checking is a matter of narrowing down which services you need most. If you want an all-in-one blended banking and accounting solution, Found is the better choice—its bookkeeping tools are more thorough compared to Novo. However, Novo provides a broader range of services, which include business financing, LLC creation, and business software discounts.
User review references:
[1]Trustpilot | Novo
[2]Trustpilot | Found
Note: Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution.
The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc.
*Found’s core features are free. Optional subscription to Found Plus for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but other fees such as transactional fees for wires, instant transfers, and ATM apply. Read more.
**Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.
