Novo Launches Embedded Payroll Tool Powered by Check for Small Businesses

On January 24, 2024, fintech banking platform Novo announced the launch of Novo Payroll, an embedded payroll tool built on Check's payroll infrastructure. The product allows Novo's small business customers to run payroll directly from their checking accounts without leaving the platform. Novo Payroll is fully integrated into Novo's existing suite of SMB financial tools, which already includes banking, budgeting, and working capital solutions.

Check, a payroll-as-a-service infrastructure provider, powers the backend payroll processing. The launch exemplifies the embedded finance strategy of bundling additional financial services into a core banking product to increase platform stickiness and customer value. By eliminating the need for separate payroll software, Novo aims to simplify financial operations for small businesses and deepen its relationship with its customer base.