Search Results for "Novo"
16 results for "Novo"
Deals 16
EDX Markets Applies to OCC for National Trust Bank Charter
EDX Markets Holding Company, backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, and others, filed an application with the OCC for a de novo national trust bank charter for EDX Trust, National Association. The proposed Chicago-based trust bank would provide digital asset custody, asset management, and settlement services exclusively for institutional clients. The application was made public on April 1, 2026.
OCC Grants Valt Bank Conditional National Bank Charter for SMB Banking
The OCC conditionally approved Valt Bank's national bank charter on March 13, 2026. Valt Bank is a fintech challenger targeting small and midsize businesses with integrated banking, payments, and credit services. The approval requires Valt to raise at least $25 million in capital within 12 months and launch operations by September 2027. This is the latest in a surge of de novo charter applications from fintechs and digital banks.
OCC Conditionally Approves Five National Trust Bank Charters for Digital Asset Firms
The OCC conditionally approved five national trust bank charter applications from major fintech and digital asset firms including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. The approvals include two de novo charters and three state-to-national conversions. All five plan to focus on digital asset custody, with four also intending to issue stablecoins. This marks the first such approvals since 2021, signaling significant regulatory openness to crypto-native firms entering the banking system.
OCC Grants Conditional Approval for Erebor Bank De Novo National Charter
The OCC granted conditional approval on October 15, 2025, for a de novo national bank charter to Erebor Bank, National Association, headquartered in Columbus, Ohio. The application was submitted by directors of Erebor Group, Inc. This full-service charter places Erebor under comprehensive federal regulation and OCC oversight.
OCC Restores Expedited Merger Reviews Benefiting Fintechs and De Novo Banks
The OCC issued an interim final rule effective May 15, 2025, restoring expedited merger reviews and streamlined procedures for bank transactions. The rule reduces scrutiny on novel activities, directly benefiting fintechs, crypto firms, and de novo national bank applicants seeking to enter the banking system.
NovoPayment Receives $20M from Morgan Stanley Expansion Capital
NovoPayment secured a $20M investment from Morgan Stanley Expansion Capital for its API-driven digital banking and payments SaaS platform. The company serves banks, neobanks, and merchants with scalable, compliant infrastructure. The funding will support product expansion and continued market growth in Latin America and beyond.
Novo Launches Embedded Payroll Tool Powered by Check for Small Businesses
Novo launched Novo Payroll on January 24, 2024, an embedded payroll solution powered by payroll infrastructure company Check. The tool allows small business customers to run payroll directly from their Novo checking account, further integrating financial services into Novo's SMB banking platform.
OCC Approves Zero Fintech De Novo Bank Charters Under Acting Comptroller Hsu
As of October 2023, the OCC had not approved any de novo bank charter applications from fintech companies since Acting Comptroller Hsu took office. More than half of fintechs that filed since 2017 withdrew their applications. This regulatory freeze has pushed fintechs toward acquiring existing banks rather than building new ones.
Savi Financial Receives FDIC Approval for De Novo Orca Bank Charter
Savi Financial Corp. received FDIC approval in 2023 for a Washington state-chartered de novo bank called Orca Bank. The company still required Federal Reserve approval and targeted a Q1 2024 opening. The approval is notable given the extremely challenging environment for new bank charters, especially for fintech-adjacent applicants.
Novo Integrates Gusto to Offer Embedded Payroll for Small Businesses
Novo announced an integration with Gusto, combining banking and payroll services through an embedded payroll solution for small businesses. The partnership allows Novo's SMB customers to manage banking and payroll in a unified experience. This reflects the trend of neobanks embedding adjacent financial services to deepen customer relationships.
NovoPayment Raises $19M Series A for Latin American BaaS Platform
NovoPayment, a Miami-based Banking-as-a-Service provider focused on Latin America, raised $19 million in Series A financing led by Fuel Venture Capital and IDC Ventures. Additional investors included Endeavor Catalyst and Visa Ventures. The company provides multi-country, multi-currency API cloud-based platforms for digital banking, payments, and card solutions, and plans to expand into the US market.
OCC Conditionally Approves Summit National Bank FinTech Division
The OCC issued Conditional Approval 1281 for Summit National Bank (Hulett, Wyoming) to establish a FinTech Division offering traditional banking products to fintech-sourced customers. The approval was granted under 12 CFR 5.53 for a substantial asset change. This represents an existing bank expanding into BaaS-style services rather than a de novo fintech charter.
NovoPayment and Visa Launch Embedded Banking Platform for Latin America
NovoPayment and Visa launched a white-label Banking-as-a-Service platform enabling instant virtual account issuance and disbursements for banks and fintechs across Latin America and the Caribbean. The solution supports self-enrollment with biometric validation, instant virtual account creation, and optional contactless cards. It can be deployed in as little as 10 weeks, targeting issuing banks and fintechs seeking faster digital onboarding and financial inclusion.
Monzo Files De Novo National Bank Charter Application with OCC
UK challenger bank Monzo submitted a 96-page de novo national bank charter application to the OCC on April 20, 2020, planning a San Francisco headquarters for FDIC-insured deposits. The approval process was expected to take 18-24 months. This marked a significant move by a major European neobank to establish a fully licensed U.S. banking operation.
Novo Launches Free Business Banking for US Startups via Middlesex Federal
Novo launched its digital business banking platform in the US, offering free checking accounts and debit cards for startups and small businesses. The service is white-labeled through a partnership with Middlesex Federal Savings and Mastercard. Novo targets underserved entrepreneurs with streamlined onboarding and integrated financial tools.
Visa and NovoPayment Partner on Digital Financial Services in Latin America
Visa partnered with NovoPayment to enable digital financial services such as mass disbursements and collections via a cloud-based platform for banks across Latin America. The partnership leverages NovoPayment's API-driven platform to help banks deliver embedded payment and account services to corporate clients. This represents an early embedded finance play in the LATAM region.