Novel is an international business banking platform designed to help founders—especially those based outside the U.S.—open and manage a U.S. business bank account. Through Novel, international entrepreneurs can access multi-currency wallets, conduct global transfers in more than 140 currencies, and centralize their business banking needs in a single platform.
Novel addresses a common pain point for non-U.S. founders and startups: gaining reliable access to U.S. financial infrastructure. By streamlining onboarding, compliance, and cross-border payments, Novel enables businesses to operate globally without the traditional barriers posed by legacy banks. The platform is particularly attractive for startups and founders seeking fast, remote setup and ongoing management without the need for a physical U.S. presence.
What technology and features enable Novel?
Novel leverages modern fintech infrastructure and SaaS delivery to provide:
- U.S. business bank accounts accessible to international founders
- Multi-currency wallets for holding and managing funds in various currencies
- Global transfers to over 140 countries and support for more than 140 currencies
- A digital-first banking experience, allowing remote account opening and management
This combination allows startups and remote-first teams to efficiently deal with international transactions, payroll, and vendor payments—key needs for modern, globally distributed companies.
Who uses Novel?
Novel primarily targets international founders, startups, and small businesses that require access to U.S. business banking but may not have a physical presence in the United States. Its solution is especially valuable for:
- Tech startups incorporated in the U.S. by non-U.S. founders
- Remote-first companies operating across multiple countries
- SaaS businesses and e-commerce companies with global customers or supply chains
Who are Novel's competitors?
Novel operates in the competitive fintech and business banking space, where several platforms offer international or digital-first business accounts. Key competitors include:
- Wise: Offers international business accounts and enables payments in multiple currencies for global businesses.
- Brex: Provides business banking and financial management solutions for startups with a focus on seamless transactions and yield generation.
- Bluevine: Features business checking with international payment capabilities and APY on qualifying deposits.
- Mercury: Online business banking for startups and small businesses, focusing on ease of use and digital account management.
- Barclays: Traditional banking provider offering business accounts for startups and established businesses.
- Bank of America: A major U.S. bank providing business checking accounts and financial services for small businesses.
While many incumbents serve U.S.-based companies, Novel’s differentiation lies in serving international founders with remote onboarding, multi-currency support, and a digital-first approach.
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