Relay vs Novo
short answerBoth are traditional neobanks. Relay pays yield on balances. Compare custody, license, FX markup and fees field by field below.
Relay: Multi-account SMB banking (Profit First).
Novo: SMB checking for small operators.
Side by side
| Relay | Novo | |
|---|---|---|
| Category | traditional | traditional |
| Audience | SMB & startups | SMB & startups |
| HQ | Toronto/US | Miami, US |
| Founded | 2018 | 2016 |
| Custody | Custodial | Custodial |
| Regulation | Partner-bank model | Partner-bank model |
| License detail | Partner bank (Thread Bank, Member FDIC); previously Evolve Bank & Trust | Partner bank (Middlesex Federal Savings, F.A.); Mastercard debit; credit card via Continental Bank |
| Card | Visa · Business debit | MC · Business debit |
| Cashback | — | — |
| Yield | Yield on savings | — |
| FX markup | — | — |
| Services | — | — |
| Stablecoins | No | No |
| KYC | Yes | Yes |
| Regions | North America | North America |
| Reported users | — | — |
Figures compiled from public sources, for comparison only — not financial advice. "Up to" rates change constantly; always confirm with the issuer. Spotted an error? Suggest a fix.