Lili vs Novo: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Lili and Novo both sell business checking to US freelancers and small businesses. Lili builds tax buckets, expense categories, and reports into the account. Novo offers free checking with more than 40 integrations and invoicing.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Lili and Novo.
Choose Lili if
- you want tax-savings buckets
- you want bookkeeping and tax prep in the account
- you are a freelancer
Choose Novo if
- you want free checking
- you connect Stripe, Shopify, Square, or QuickBooks
- you want working-capital funding
Lili scores 75 and Novo scores 77 in our ratings. Lili is stronger on bookkeeping. Novo connects to more tools.
Key Features Compared
Lili vs Novo at a Glance, November 2026
| Feature | Lili | Novo |
|---|---|---|
| Ratings | ||
| Fintech Index score | 75 / 100 | 77 / 100Higher score |
| Overview | ||
| What it is | New York business banking app for small businesses and freelancers, pairing checking with bookkeeping, tax tools, and invoicing | Miami business banking platform for small businesses and freelancers, with checking, invoicing, payments, and funding tools on one app |
| Who uses it | Freelancers, sole proprietors, and small multi-employee businesses; more than 200,000 customers | Small businesses, freelancers, and solo founders; more than 250,000 businesses |
| Main products | Checking, debit card, expense categorisation, tax-savings buckets, invoicing, and reports | Free business checking, invoicing, card payments, expense tracking, and Novo Funding |
| Where it operates | United States | United States |
| Products and features | ||
| Company cards | Lili debit card | Debit card; lighter expense controls |
| Invoicing and bookkeeping | Expense categorisation, tax buckets, invoicing, and reports | Invoicing, card payments, and expense tracking |
| Pricing | ||
| How pricing works | Free Core plan; paid plans from $15 a month | Core checking marketed as free; add-on fees in the fee schedule |
| Published prices | Free, then from $15 a month | Free checking |
| Technology and compliance | ||
| Licenses and account protection | Banking by Sunrise Banks, N.A., Member FDIC | Fintech; FDIC-insured deposits at Middlesex Federal Savings |
| Apps and API | App built for self-service bookkeeping | App with AI help in onboarding and categorisation |
| Integrations and partners | Fewer third-party integrations than accounting-first rivals | More than 40 tools, including QuickBooks, Stripe, Shopify, Square, and Xero |
| Onboarding and support | Online sign-up; chat and email support; month-to-month | Sign-up in minutes; support by app, chat, and email |
| Company | ||
| Founded | 2018 | 2016 |
| Headquarters | New York, New York | Miami, Florida |
| Ownership | Private fintech (banking by Sunrise Banks, N.A.) | Private fintech (banking by Middlesex Federal Savings, F.A.) |
| Funding | ~$80M total, including a $55M Series B in May 2021 led by Group 11 | ~$130M+ in equity, including a $90M Series B in January 2022 led by Stripes, plus a $125M credit facility from Victory Park Capital in 2023 |
| Key leader | Lilac Bar David | Michael Rangel |
| Scale | ~$80M raised, including a $55M Series B in 2021 | $700M valuation at its $90M Series B in 2022 |
Fintech Index Scores Compared
We rate every company on eight criteria from 0 to 100, four tied to what buyers in its sector need and four shared by every company, and the rating is their average. Lili scores 75 and Novo scores 77.
Criterion Scores Out of 100
Key Differences Between Lili and Novo
Bookkeeping
Lili categorises expenses, sets money aside in tax buckets, and produces reports. Novo tracks expenses and sends invoices but leans on its integrations.
Integrations
Novo connects to more than 40 business tools. Lili has fewer integrations.
Banks
Lili's banking is provided by Sunrise Banks. Novo's deposits are held at Middlesex Federal Savings.
Pros and Cons
Lili
Pros
- Bookkeeping and tax prep built into the account
- Free Core plan
- Month-to-month plans with free downgrades
- Tax-savings buckets
Cons
- Fewer integrations
- Multi-card controls are newer
- Not for multi-entity treasury or heavy wire volume
Novo
Pros
- Free business checking with ACH, wires, and FedNow
- More than 40 integrations
- Invoicing and card payments built in
- Working-capital funding
Cons
- Lighter spend controls than spend platforms
- Not for multiple entities or heavy cash deposits
- Not a chartered bank
Who Each Is Best For
Lili
A freelancer or small business that wants checking with built-in bookkeeping, tax savings buckets, and invoicing, and a free tier to start.
Novo
A US small business or freelancer that wants free business checking tied to invoicing, card payments, and accounting tools, with working-capital options in the same app.
Alternatives to Lili and Novo
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Lili and Novo.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Relay | 80 | US small businesses that run cash in separate buckets | Novo vs Relay |
| Mercury | 84 | US startups that want a clean online account with no monthly fee | None yet |
Frequently Asked Questions
Is Lili free?
Lili has a free Core plan, with paid plans from $15 a month.
Is Novo free?
Core checking is marketed as a free business bank account.
Are deposits FDIC insured?
Yes, through Sunrise Banks for Lili and Middlesex Federal Savings for Novo.
Sources
- The Fintech Index analysis of Lili and Novo, conducted November 2026 (As of November 10, 2026)
- Lili home page: https://lili.co/ (As of November 10, 2026)
- Lili about: https://lili.co/about (As of November 10, 2026)
- PR Newswire, January 2026: https://www.prnewswire.com/news-releases/lili-scales-to-serve-multi-employee-small-businesses-offering-free-online-business-banking-302666638.html (As of November 10, 2026)
- TechCrunch, May 2021: https://techcrunch.com/2021/05/11/lili-a-neobank-aimed-at-freelancers-raises-55m-as-it-passes-200k-users/ (As of November 10, 2026)
- FinLedger, Lilac Bar David: https://finledger.com/articles/women-in-fintech-lili-founder-and-ceo-lilac-bar-david/ (As of November 10, 2026)
- Novo home page: https://www.novo.co/ (As of November 10, 2026)
- Novo press: https://www.novo.co/press (As of November 10, 2026)
- TechCrunch, January 2022: https://techcrunch.com/2022/01/11/novo-the-smb-neobank-nabs-90m-at-a-700m-valuation/ (As of November 10, 2026)
- Unite.AI, Michael Rangel interview: https://www.unite.ai/michael-rangel-founder-of-novo-interview-series/ (As of November 10, 2026)
- Banking News AI, Novo: https://www.bankingnewsai.com/fintech/novo (As of November 10, 2026)