Novo vs Brex : Which one is better for your business?

Business checking accounts and financial management tools are vital for small businesses, freelancers, and self-employed individuals. They provide the necessary infrastructure to manage finances efficiently and cost-effectively. In this article, we'll compare Novo and Brex to determine which offers the best solutions for your business needs.

A quick overview on Novo and Brex

What is Novo?

Novo is a fintech company that offers online business checking accounts with no hidden fees or minimum balance requirements. It provides financial tools such as bookkeeping, invoicing, and budgeting, all accessible online. Banking services are provided by Middlesex Federal Savings, F.A., a member of the FDIC.

What is Brex?

Brex is a financial technology company that offers a suite of financial services tailored for businesses, including corporate credit cards, expense management, and business banking. Unique features include AI-powered automation for expense approvals and invoice entry, high-yield savings accounts, and global service availability in over 120 countries. Brex aims to streamline financial tasks and maximize resource efficiency for companies of all sizes.

Features of Novo and Brex

Novo features

Novo offers a range of unique features that cater to the needs of small businesses, freelancers, and the self-employed.

• No hidden fees and no minimum balance requirements, ensuring transparency and ease of use.
• 100% online access to business checking accounts, allowing for convenient and flexible financial management.
• Free ACH transfers and free incoming wires, making it cost-effective to move money.
• ATM fee reimbursements up to $7/month, providing additional savings for cash withdrawals.
• AI-powered bookkeeping and comprehensive financial reporting, a unique feature that helps manage books and stay tax-ready.

Brex features

Brex offers a suite of unique features designed to enhance financial management for businesses of all sizes.

• AI-powered automation for expense management and accounting, reducing manual work and increasing efficiency.
• Corporate cards with built-in controls for global spending, providing flexibility and security for international transactions.
• In-app travel booking and management, simplifying the process of organizing business trips.
• Business accounts with a 4.24% yield from day one, offering a competitive return on deposits.
• Real-time tracking and adjustment of budgets and spend limits, allowing for better financial oversight and control.

Comparing Novo, Brex and OneSafe's features

Why choose one over the other?

• Why Choose Novo Over Brex: Novo offers a cost-effective solution with no hidden fees, no minimum balance requirements, and free invoicing tools, making it ideal for small businesses and freelancers. In contrast, Brex's services, while comprehensive, may come with higher costs and are more suited for larger enterprises that need advanced financial management tools.
• Why Choose Brex Over Novo: Brex provides a more robust financial stack with AI-powered automation for expense management and a high-yield savings account, which can significantly streamline financial operations for growing businesses. Novo, while excellent for basic financial needs, lacks the advanced automation and global reach that Brex offers, making Brex a better choice for companies looking to scale rapidly.

Considering OneSafe vs Novo and Brex

• Why Choose OneSafe Over Novo and Brex: OneSafe offers unparalleled global payment capabilities and multi-currency support, making it ideal for businesses involved in Web3 and cryptocurrency. Unlike Novo and Brex, OneSafe provides instant crypto to fiat conversions and vice versa, ensuring seamless financial operations for digital-first enterprises.

What are the customers saying?

Novo reviews

Users have mixed opinions about Novo. Positive reviews highlight the ease of use, helpful customer service, and beneficial features for small businesses. However, some users have expressed frustration with account closures without notice, poor customer service, and difficulties with specific banking functions like PayPal connectivity and domestic wire transfers. Overall, Novo has received an average rating of 4.3 out of 5.

• "This bank is terrible. I had a business account with a small balance on it and when I tried to log in my password wouldn’t work." - Clean Sweep
• "Novo has changed my life! As a small business owner running a production company, being able to manage more than my company’s money in a single platform seemed undoable." - Dani Reyes-Acosta

For more detailed reviews, visit Novo Reviews.

Brex reviews

Users generally find Brex easy to use and comprehensive in its features. It simplifies expense management, integrates well with other systems, and provides robust support. Many users appreciate the intuitive interface and the ability to manage various types of spend in one platform. However, some users have expressed frustration with approval issues, limited options, and the manual entry process. Overall, Brex has received an impressive rating of 4.7 out of 5 stars.

• "I like the fact I can get coffee for free :) it's simple to use and is very handy to have and an awesome perk for my employer to provide." - Danielle W.
• "Brex is really easy to use, and covers all of our needs. We were previously at a bank that was very old fashioned with limited online services. We started using Brex just for our corporate cards, but found it so good that we moved all of our business banking over to their platform." - Theresa M.

For more detailed reviews, visit Brex Reviews 2024.

OneSafereviews

Users have praised OneSafe for its exceptional customer support and innovative solutions tailored for Web3 and cryptocurrency transactions. The overall rating for OneSafe is an impressive 4.8 out of 5. Customers particularly appreciate the seamless 1:1 conversion from USD to USDC on Polygon, which simplifies payroll and expense management, and the responsive and reliable customer service team.

• "OneSafe has the best customer support I've ever experienced from a bank." - Amit Chu, Investments @ Celo Foundation
• "OneSafe is a game-changer. They solve so many headaches for our company. Finally, a banking solution that gets it." - Marco, CEO of Ensuro

For more detailed reviews, visit OneSafe Reviews.

Novo, Brex, or OneSafe: Which is the best platform for you?

In conclusion, while Novo and Brex offer excellent financial tools tailored to different business needs, OneSafe stands out with its innovative solutions for Web3 and cryptocurrency transactions. Its exceptional customer support and seamless multi-currency capabilities make it a top choice for digital-first enterprises. Ultimately, any of these options could serve your business well, but we recommend OneSafe for its forward-thinking approach and robust features.