Novo vs Relay: Features, Coverage and Pricing Compared (2026)
Updated November 10, 2026 · Reviewed by Benjamin Margolis
Novo and Relay both sell online checking to US small businesses. Novo is free with more than 40 integrations and invoicing. Relay lets a business open several accounts to separate its cash and works closely with bookkeepers.
Our analysts compared the two on November 10, 2026, using each company's own product, pricing, and company pages and our full reviews of Novo and Relay.
Choose Novo if
- you want free checking
- you connect Stripe, Shopify, or Square
- you are a solo founder
Choose Relay if
- you want many accounts for cash buckets
- you want credit cards
- you work with a bookkeeper
Novo scores 77 and Relay scores 80 in our ratings. Novo suits solo founders. Relay suits small teams that manage cash in buckets.
Key Features Compared
Novo vs Relay at a Glance, November 2026
| Feature | Novo | Relay |
|---|---|---|
| Ratings | ||
| Fintech Index score | 77 / 100 | 80 / 100Higher score |
| Overview | ||
| What it is | Miami business banking platform for small businesses and freelancers, with checking, invoicing, payments, and funding tools on one app | US business banking and money platform that helps small businesses organize checking, savings, cards, bill pay, and cash-flow workflows |
| Who uses it | Small businesses, freelancers, and solo founders; more than 250,000 businesses | US small businesses and their bookkeepers; more than 110,000 businesses |
| Main products | Free business checking, invoicing, card payments, expense tracking, and Novo Funding | Multiple checking and savings accounts, debit and credit cards, bill pay, invoices, and advisor access |
| Where it operates | United States | US small businesses |
| Products and features | ||
| Company cards | Debit card; lighter expense controls | Debit and credit cards with expense tools |
| Invoicing and bookkeeping | Invoicing, card payments, and expense tracking | Bill pay and invoices |
| Pricing | ||
| How pricing works | Core checking marketed as free; add-on fees in the fee schedule | Plan fees on public pricing pages, marketed with no hidden fees |
| Published prices | Free checking | Plan fees posted |
| Technology and compliance | ||
| Licenses and account protection | Fintech; FDIC-insured deposits at Middlesex Federal Savings | Banking by Thread Bank, Member FDIC |
| Apps and API | App with AI help in onboarding and categorisation | App built for account buckets and bill pay |
| Integrations and partners | More than 40 tools, including QuickBooks, Stripe, Shopify, Square, and Xero | Bookkeeping tools and accountant collaboration |
| Onboarding and support | Sign-up in minutes; support by app, chat, and email | Apply in minutes; standard small-business terms |
| Company | ||
| Founded | 2016 | 2018 |
| Headquarters | Miami, Florida | Toronto, Ontario, Canada |
| Ownership | Private fintech (banking by Middlesex Federal Savings, F.A.) | Private company (Relay Financial Technologies, Inc.) |
| Funding | ~$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 | ~$32.2M Series B in May 2024 led by Bain Capital Ventures with Better Tomorrow Ventures, Garage Capital, and others |
| Key leader | Michael Rangel | Yoseph West |
| Scale | $700M valuation at its $90M Series B in 2022 | More than $1B in customer deposits |
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. Novo scores 77 and Relay scores 80.
Criterion Scores Out of 100
Key Differences Between Novo and Relay
Accounts
Relay opens several checking and savings accounts per business. Novo offers one checking account with invoicing and payments.
Integrations
Novo connects more than 40 tools, including QuickBooks, Stripe, Shopify, Square, and Xero. Relay focuses on bookkeeper collaboration.
Banks
Novo's deposits are held at Middlesex Federal Savings and Relay's at Thread Bank.
Pros and Cons
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
Relay
Pros
- Multiple checking accounts to separate operating cash
- Bill pay and cards next to the accounts
- Built for working with an accountant
- Plan fees posted
Cons
- No international multi-currency treasury
- Not for fintechs building banking products
- Banking depends on Thread Bank
Who Each Is Best For
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.
Relay
A US small business that wants multiple checking and savings buckets, cards, bill pay, and clearer cash-flow control than a basic business checking account.
Alternatives to Novo and Relay
These companies, all reviewed and rated on The Fintech Index, cover some of the same ground as Novo and Relay.
Other Card Issuing and Processing Companies
| Company | Score | Best for | Comparisons |
|---|---|---|---|
| Lili | 75 | Freelancers who want tax prep in the account | Lili vs Novo |
| Mercury | 84 | US startups that want a clean online account with no monthly fee | Mercury vs Relay |
| Rho | 80 | US startups that want fee-free banking and cards with human support | None yet |
Frequently Asked Questions
Is Novo free?
Core checking is marketed as free.
Does Relay offer credit cards?
Yes, next to debit cards.
Sources
- The Fintech Index analysis of Novo and Relay, conducted November 2026 (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)
- Relay home page: https://relayfi.com/ (As of November 10, 2026)
- Relay, about: https://relayfi.com/about (As of November 10, 2026)
- Relay, Series B post: https://relayfi.com/blog/series-b/ (As of November 10, 2026)
- BetaKit, May 2024: https://betakit.com/bain-leads-second-round-in-relay-financial-as-smb-focused-fintech-closes-44-million-cad-series-b/ (As of November 10, 2026)