Meet Novo
Novo, a leading B2B fintech company founded in 2018, has revolutionized banking for digital-forward small businesses by providing banking, invoicing, and money management in one seamless solution — without the extra fees.
With a suite of integrations that enable small businesses to bank the way they prefer, Novo serves a diverse range of digitally enabled enterprises. As the company continues to scale and manage large volumes of applicants, it has partnered with Middesk to address critical challenges in onboarding, risk detection, and fraud prevention.
The problem: legacy KYB solutions create onboarding challenges
Novo’s onboarding process encountered hurdles, particularly with Know Your Business (KYB) procedures. Handling a high volume of new and high-risk businesses revealed the limitations of their previous KYB vendor, which relied on outdated databases, and led to lower accuracy and conversion rates. Middesk’s direct access to primary data sources—including a direct pipeline into all 50 Secretary of State databases—provided a more reliable and accurate alternative, addressing Novo’s growing needs.
Transforming Novo’s KYB process with Middesk Verify
Middesk Verify's extensive business identity data and automated business verification solution dramatically improved Novo’s onboarding operations. By integrating Middesk, Novo managed over 10,000 applications per month with an auto-approval rate exceeding 50%.
This had a significant, positive impact on Novo’s growth as KYB had previously been a major bottleneck in the onboarding process.
We were getting a lot of applications from newer businesses that we couldn’t verify with another risk solution’s data. Middesk has data directly from the Secretary of State, which led to better conversion, and higher confidence in the data we received because it comes straight from the source.” — A PM on Novo’s onboarding, fraud, and payments team
Middesk’s up-to-date business data, which includes every registered business in the U.S., enabled Novo to achieve greater accuracy and efficiency in their onboarding process and streamline their overall operations.
Novo considers Middesk a best-in-class solution, emphasizing not only the quality of the product but also the team’s excellent support which has helped Novo configure modifications and best practices to improve key metrics.
Improved operational efficiency and risk management
By integrating Middesk, Novo saw significant improvements in operational efficiency. Middesk’s KYB solution automated much of the onboarding process, reducing the need for manual reviews, which had previously been both costly and time-consuming.
This shift allowed Novo to allocate manual efforts more effectively on high-risk applications, optimizing their overall workflow. The improved conversion rates not only supported Novo’s customer acquisition efforts but also contributed to their overall business growth.
Scaling with a reliable KYB solution
Novo’s partnership with Middesk has been pivotal in transforming their onboarding process, driving both operational efficiency and business growth. By leveraging Middesk’s reliable, data-driven business verification solution, Novo overcame the challenges that arose from using outdated KYB solutions and improved their conversion rates while reducing manual efforts.
As Novo continues to scale, Middesk remains a trusted partner, ensuring a seamless, secure, and efficient onboarding experience.
Middesk is there when you need them, especially when you're trying to solve a problem” — Novo
If your business is ready to streamline onboarding and reduce risk, Middesk offers the solution you need to succeed.
Set up a demo to speak to the experts on our sales team to learn exactly how you could see these kinds of results by integrating Middesk into your KYB process. If you don't want to wait, check out our on-demand demo of Middesk Verify right now.
