About 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.
Onboarding challenges with legacy KYB solutions
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a high volume of new and high-risk businesses revealed the limitations of their previous KYB vendor, which relied on outdated databases. This led to lower accuracy and conversion rates. Middesk’s direct access to primary data sources provided a more reliable and accurate alternative, addressing Novo’s growing needs.
Transforming Novo’s KYB process with Middesk
Middesk’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.
A PM on Novo’s onboarding, fraud, and payments team shared, “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.”
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. “Middesk is there when you need them, especially when you're trying to solve a problem,” says Novo.
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. If your business is ready to streamline onboarding and reduce risk, Middesk offers the solution you need to succeed. Contact our sales team today to learn more.
