Found vs. Novo: Which Offers Better Banking for Small Business?

Your day starts with a client payment that hits your account, but by the afternoon, you're scrambling to categorize expenses, send an overdue invoice, and figure out what you owe in quarterly taxes. And that’s not even your actual job. 

Most small business banking feels like it was designed by people who've never actually run a business. You get a basic checking account, then discover you need a separate program for sending invoices, another for bookkeeping, and a payroll platform to pay any 1099 contractors you hire. 

Found and Novo both claim to fix this mess with business banking built for small business owners. Both deliver on that promise, but what you get beyond that basic account is completely different.

We'll compare how each platform handles the real back-office work of running your business. Found includes automated expense categorization, invoicing, ax estimates, and contractor management from day one. While Novo offers solid business banking, it stops there. You'll need to find other tools for everything else, bringing you right back to the multi-app juggling act you wanted to escape.

Found vs. Novo: Feature Comparison

Data compiled July 2025 and subject to change. Features, pricing, and availability may vary. Always confirm current details directly with the providers.

*The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. 

**Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed.

***While not included in Found’s core plan, 1.5% APY on balances up to $20K is available to Found Plus subscribers. Found Plus is an advanced, optional add-on bookkeeping software available for $19.99/month or $149.99/ year. 

****While not included in Found’s core plan, priority customer support is available to Found Plus subscribers. Found Plus is an advanced, optional add-on bookkeeping software available for $19.99/month or $149.99/ year.

Feature-Focused "Best For" Analysis

Here's how Found and Novo stack up across the features that matter most to your business.

Best for All-in-One Business Banking: Found 

Found's core plan offers a comprehensive banking features with no hidden fees or required monthly maintenance costs. While Found and Novo's accounts are relatively comparable, Found's free plan provides more comprehensive tools—such as bookkeeping, tax tools, invoicing, and contractor management tools—without any required monthly fees*, making it the more cost-effective choice for businesses seeking full-service banking capabilities.

Best for High-Yield Savings: Found Plus*

Neither Found's standard plan nor Novo offer APY on business accounts. However, Found's optional paid upgrade, Found Plus*, provides 1.5% APY on balances up to $20,000. This makes Found a potentially good fit if you're willing to pay for the upgraded plan and your balance falls within the earning limit. 

Best for ATM Access & Fee Reimbursements: Novo 

While neither Novo nor Found maintain their own ATM networks, Novo reimburses up to $7 in ATM fees per month, allowing users to access any ATM without worrying about third-party surcharges. Found does not offer ATM fee reimbursements, but it does provide cash deposit services at over 80,000 retail locations for a $2 fee.

Best for Integrated Bookkeeping: Found 

Found automatically categorizes your expenses, provides receipt capture, and generates profit and loss statements and financial reports on its free core plan. Novo offers basic expense categorization and receipt uploads for Novo transactions. 

Found Plus* provides additional bookkeeping features, such as activity import from other cards or accounts, the ability to auto-import an expense from a receipt, and unlimited custom rules, categories, and tags. 

Best for Tax Automation: Found 

Found handles real-time tax estimations and automatically generates Schedule C, 1120, and 1120-S forms (depending on your business structure), with automatic tax savings and quarterly estimate generation at no cost. Found also provides a real-time tax estimate based on your provided tax profile and lets you set up a tax savings Pocket. While Novo offers features for tax readiness, such as tax-friendly categories and downloadable P&L statements, Novo customers would need to handle their own tax form preparation. 

Found Plus subscribers who file a Schedule C can pay federal taxes through the app.*

Best for Free Invoicing: Found & Novo (Tie)

Both platforms offer unlimited professional invoicing at no charge. Found provides custom branding with your logo and colors, multiple payment options including direct deposit, credit card, and Cash App Pay, as well as invoice templates and auto-fill for repeat clients. Novo accepts payments through ACH, Venmo, PayPal, Stripe/Square integrations, and others, and offers a unique Invoice Flex feature that allows you to get paid upfront on eligible invoices within one business day. Both include automated reminders and integrate directly with the bank account for seamless cash flow management.

Best for Managing 1099 Contractors: Found 

Found offers a robust contractor management system. From W-9 collection to payment processing via multiple methods and automatic 1099-NEC generation and filing for contractors, managing contractors is easy with Found. Unlike traditional payroll software, Found does not have any per-contractor fees. Novo doesn't provide built-in contractor payroll services or 1099 management tools. If you regularly work with independent contractors, Found's integrated approach eliminates the need for separate contractor management tools or services.

Best for Multiple Business Management: Novo

Novo allows you to open separate business accounts for each of your businesses, as long as each has its own EIN. You’ll also be required to create separate logins for each business. Found is designed specifically for single business operations and doesn't support multiple business account at the moment. If you're running multiple businesses or planning to expand into additional ventures, Novo's multi-account capability gives you the flexibility to grow while maintaining proper financial separation between your different business entities.

Best for Freelancers and Sole Proprietors: Found 

Found offers a comprehensive suite of financial tools specifically designed for self-employed professionals, including automatic expense categorization, real-time tax calculations, unlimited invoicing, contractor management, and built-in bookkeeping on their core plan at no additional cost. The platform integrates with popular gig economy platforms, making it easy to track income from multiple sources and stay organized for tax season. Novo's business bank account provides core banking services and invoicing tools, but the lack of integrated bookkeeping and tax tools makes Found the winner.

Best for Small Business Startups: Found 

Found provides built-in financial tools new businesses need without required monthly fees*, helping preserve precious startup cash flow. You get a complete business banking solution from day one with built-in bookkeeping tools, automatic tax management, unlimited invoicing, and contractor payments—all free. This comprehensive approach eliminates the need for multiple software subscriptions that can quickly drain startup budgets. Found's feature offering on their core plan means you can operate longer before needing to upgrade. When you are ready to upgrade, you can sign up for Found Plus*, which gives you more advanced tools and features without requiring a whole platform shift or learning new systems.

Best for Business Financing: Novo

While business financing isn't part of the banking accounts we're comparing here, Novo does offer additional financial products that might matter if you're thinking beyond just checking accounts. The Novo Business Credit Card gives you up to 2% cashback with no annual fee and manages everything from the same dashboard as your banking. They also have Novo Funding for when you need working capital fast. If you want all your financial services under one roof, these extras could be appealing, though they're completely separate from the free banking features that make up the real comparison in this article.

Which Platform Is Best for Small Business?

The right choice depends on your specific business needs and priorities. Here's how to decide between Found and Novo based on what matters most to your operations.

Choose Found if you:

• Want a complete business banking solution 

• Work with contractors and need built-in 1099 payments and filings

• Want automated tax tracking and quarterly tax estimates

• Prefer built-in bookkeeping with auto-categorization and P&L reports

• Run a freelance or sole proprietor business with gig economy integrations

• Are cost-conscious and want a full suite of integrated tools

• Are launching a startup and want to minimize costs without sacrificing features

Choose Novo if you:

• Access an ATM regularly and prioritize ATM fee reimbursements

• Manage multiple businesses and need separate accounts for each venture with proper financial separation

• Want maximum workflow automation through third-party app connections

Bottom line: Found includes the must-have business banking tools as part of their core plan, making it the smarter, more cost-effective option for most solo entrepreneurs, freelancers, and small business owners.

Ready to Make the Switch?

Found makes it simple to get comprehensive business banking without any required monthly fees*. With automatic bookkeeping, real-time tax calculations, unlimited invoicing, and contractor management all included free, you can focus on growing your business instead of managing multiple software subscriptions. Join thousands of entrepreneurs who've already made Found their all-in-one financial solution and start streamlining your business finances today.

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Found combines banking, bookkeeping, and invoicing into one easy-to-use platform.

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The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. 

FAQs

How much does Found cost?

Found offers business banking, tax tools, invoicing, bookkeeping, and 1099 contractor management with no required monthly fees*. Found also offers an optional paid product, Found Plus, for $19.99/month or $149.99/year.

Can I switch from Novo to Found easily? 

Definitely. You can open a Found account online in as little as five minutes. Found's mobile and web platforms make the transition seamless. You can immediately start using Found's complete suite of business tools—including built-in bookkeeping, tax savings, and invoicing—without needing to upgrade to a paid plan.

How does Found help with taxes? 

Found takes the stress out of taxes with real-time estimates that update as you earn and spend, a smart Taxes Pocket that automatically saves money from each deposit, and an auto-generated Schedule C, 1120, or 1120-S form at year-end. By combining banking and tax tools in one place, you always know where you stand and can focus on running your business instead of worrying about tax season.

Does Found support 1099 contractor payments? 

Yes—and it's built right into Found's free plan. There are no per-contractor fees or limits. You can collect W-9 forms, pay contractors via multiple methods (ACH, instant transfers), and automatically generate and file 1099-NEC forms for contractors without needing a separate contractor payroll tool.

Is Novo or Found better for earning interest? 

Neither Novo or Found’s free plans offer APY on balances. If you’re interested in earning APY on your balance, Found Plus subscribers earn 1.5% APY on balances up to $20K.*

Disclaimer: The information on this website is not intended to provide, and should not be relied on, for tax advice. 

*Found's core features are free. They also offer a paid product, Found Plus for $19.99/ month or $149.99/ year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here.