specification: FinOps Framework
specificationVersion: '1.0'
schema: https://www.finops.org/framework/
provider: Novo
providerId: novo-bank
created: '2026-06-20'
modified: '2026-06-20'
reconciled: true
tags:
- Banking
- Business Banking
- Fintech
- Small Business
- Freelancers
- FinOps
- Cost Management
- FOCUS
description: >-
  FinOps view of Novo. Novo business checking is free (no monthly fee, no
  minimum balance), so there is no usage-metered API spend to manage - Novo
  publishes no public developer API. Cost exposure comes from optional add-on
  products and standard banking fees: Express ACH faster payouts, Novo Funding
  cash advances (fixed-fee/factor), outgoing wires, insufficient-funds and
  similar fee-schedule items, and any aggregator costs (e.g. Plaid) incurred by
  a developer connecting to Novo data. Charges are modeled as Usage and
  Purchase categories accordingly.
notes: >-
  Add-on and fee-schedule rates change; verify against Novo's pricing and fee
  schedule during reconciliation. Banking services provided by Middlesex
  Federal Savings, F.A. There is no first-party API meter because no public API
  exists.
sources:
- https://www.novo.co/
- https://www.novo.co/business-banking
- https://focus.finops.org/focus-specification/v1-3/
alignedWith:
  framework: FinOps Foundation Framework
  frameworkUrl: https://www.finops.org/framework/
  dataSpec: FOCUS
  dataSpecVersion: '1.3'
  dataSpecUrl: https://focus.finops.org/focus-specification/v1-3/
publisherName: Novo
serviceCategory: Financial Services
billingModel:
  pricingCategory: Free-with-Add-ons
  billingFrequency: Monthly
  billingCurrency: USD
  chargeCategories:
  - Usage
  - Purchase
  - Adjustment
focusColumns:
  ServiceName: Novo Business Banking
  ServiceCategory: Financial Services
  ProviderName: Novo
  PublisherName: Novo
  InvoiceIssuerName: Middlesex Federal Savings, F.A.
  BillingCurrency: USD
  ChargeCategory: Usage
  PricingCategory: Free-with-Add-ons
meters:
- name: monthly_account_fee
  description: Monthly business checking fee. Novo checking is free; this meter is $0.
  unit: account
  aggregation: sum
  dimensions:
  - account
- name: express_ach_payouts
  description: Faster ACH payouts billed per transfer when Express ACH is used.
  unit: transfers
  aggregation: sum
  dimensions:
  - account
- name: funding_fees
  description: Fixed fee/factor charged on Novo Funding cash advances, per advance.
  unit: advances
  aggregation: sum
  dimensions:
  - account
- name: wire_and_schedule_fees
  description: Outgoing wires, insufficient-funds, and other fee-schedule charges.
  unit: events
  aggregation: sum
  dimensions:
  - account
  - fee_type
- name: aggregator_data_access
  description: >-
    Third-party aggregator (e.g. Plaid) costs incurred by a developer
    connecting to Novo account/transaction data. Billed by the aggregator, not
    Novo.
  unit: requests
  aggregation: sum
  dimensions:
  - account
  - aggregator
principles:
- name: Visibility
  description: Review Novo statements and fee schedule; track add-on usage (Express ACH, Funding) and any aggregator costs separately.
- name: Allocation
  description: Tag transactions and reserves by project/client in Novo's bookkeeping; map fees to cost centers.
- name: Optimization
  description: Use standard (free) ACH instead of Express ACH when timing allows; weigh Funding fixed fees against need; avoid wire/NSF fees.
- name: Accountability
  description: Assign an owner to review the monthly fee and add-on spend against budget; reassess aggregator usage costs.
maintainers:
- FN: Kin Lane
  email: kin@apievangelist.com