In the latest in our Gamechangers series profiling start-ups that have graduated from the Barclays Accelerator programme, we talk to Tyler McIntyre and Michael Rangel, founders of small business banking fintech Novo, about how they are providing business owners with easy-to-use banking tools – while competing against some of the biggest organisations in the world.
(Tyler) Novo is… a banking platform that provides better business deposit accounts to companies. Essentially, Novo is bringing small business banking into the modern age with easy-to-use tools for founders on-the-go – within our app you can link accounts, pay bills, transfer money and lots more.
(Tyler) We joined the Accelerator… to access different resources in the banking community, the financial community and the start-up community as a whole, allowing our business to grow at a quicker pace.
(Tyler) The main thing that sets us apart from our competitors is… our work with small businesses. A lot of the banks out there offer tailored technology for mass market consumers or corporates, which doesn’t work well for smaller businesses – especially start-ups.
(Michael) We got the idea… when we realised that you could automate and integrate every single part of a business pretty well, except banking. People are forced to use tools they don’t understand to try and get a better financial understanding of their business. We couldn’t grasp how technology has advanced so much and yet banking for small businesses was living in the past.