Nov 13, 2026
Novo launches integrated payroll and tax filing
What changed
- Added a new payroll feature to run W-2 and 1099 payments directly from the checking account.
- Introduced free tax filing within the app for eligible businesses.
- Increased FDIC insurance coverage to $5 million through a sweep network (up from the standard $250,000).
- Added "Stripe Boost" which allows users to receive Stripe payouts two days early.
- Updated the homepage with detailed visual walkthroughs of money-in (invoicing/payouts) and money-out (bills/payroll) workflows.
- Removed several resource links and "How-To" sections in favor of a product-led dashboard view.
Why it matters
Novo is moving from a simple business checking account to an all-in-one financial operating system. By adding payroll and tax filing directly into the app, they are making it harder for customers to switch to other banks or use separate payroll services.