Slash vs. Novo

Why Choose Slash Over Novo?

With accounting automations, a healthy range of payment rails, a clean mobile app, and a card that offers up to 2% cash back, Novo is a perfectly suitable banking solution for small businesses and solopreneurs. If your team’s any larger, however, you may want to consider an all-in-one banking platform like Slash.

For example, since Novo is targeted towards individuals and small businesses, you’re only allowed to issue one physical card and one virtual card per user. That’s not going to scale well. What’s arguably worse is the fact that each user gets full account access and control, meaning it’s unrealistic to bring each of your employees aboard. Slash allows users to issue unlimited virtual and physical cards, each with their own scoped permissions and spending limits/restrictions.

Novo also lacks crypto support, and doesn’t even let companies open accounts if they rely on cryptocurrency. In fact, Novo technically doesn’t offer international payment rails at all; an integration with Wise makes cross-border transfers possible, and Novo merely tracks and reconciles them. Meanwhile, Slash allows customers to send funds overseas natively via SWIFT, global ACH, virtual cards, and stablecoins.

Here are some other advantages Slash has over Novo:

• Treasury: With Slash Treasury, eligible users can earn up to 3.84% annualized yield on idle funds with money market investments from BlackRock and Morgan Stanley.
• Working capital financing: Novo does offer its own financing option in the form of merchant cash advances, which are capped at $10,000 and can come with high factor rates. With Slash, users can access short-term financing with flexible 30-, 60-, or 90-day repayment terms to help bridge cash flow gaps. The actual approved limit and terms are individualized and determined solely by our lending partner, Slope, based on its assessment of the business.
• FDIC insurance: Novo only insures deposits up to the standard $250,000. Through Column N.A.’s sweep network, Slash balances of over $100 million can be FDIC-insured.
• API access: Slash’s card-issuing API lets businesses create and control card programs programmatically, while its MCP support allows compatible AI agents to create cards, send payments, manage invoices, and query transaction data. Meanwhile, Novo doesn’t offer a first-party API.

With Slash, you can send your money in more ways, earn more yield on it, and protect it more thoroughly than you can with Novo. If you have a team of more than a couple people, Slash is likely the superior option.