Brex vs. Novo: a business banking comparison (2026)

The clearest difference between Brex and Novo is who can actually open an account. Novo is built for everyday small businesses and accepts almost any US company, including sole proprietors. Brex is gated to venture-backed startups and larger mid-market companies, and it doesn't serve sole proprietors at all. Brex is also now owned by Capital One, which completed its acquisition on April 7, 2026.

If you're comparing the two for a new banking platform, the rest of this guide breaks down eligibility, accounts, cards, rewards, and support so you can see which one fits your business.

Can a small business use Brex in 2026?

For most small businesses, no. Brex serves venture-backed startups and mid-market companies, and it does not accept sole proprietors or unincorporated partnerships. To open an account, a business generally needs professional investors (an accelerator, angel, or VC), or roughly $400,000 a month in revenue, and Brex underwrites based on cash on hand. A bootstrapped business under about $50,000 in cash typically won't qualify.

Novo has no such gate: it accepts almost any US small business, including sole proprietors, with no minimum balance. So if you're a solo owner, freelancer, or early-stage company, Novo is the account you can actually open today—and platforms like Relay, built for multi-account cash flow, are worth comparing alongside it. Brex becomes relevant once you're funded or running eight figures in revenue.

What is Brex?

Brex is a spend and financial-management platform for startups and mid-market companies. It combines a business account, corporate cards, expense management, and treasury in one place. In 2026 it became part of Capital One, which completed its $5.15 billion acquisition of Brex on April 7, 2026; Brex continues to operate under its own brand and take on new customers, with product and support changes possible as the integration proceeds.

Brex stepped back from serving small and medium-sized businesses in 2022 to focus on high-growth tech startups, and that focus still holds today. If your business is venture-backed or large enough to qualify, Brex's corporate cards, rewards, and treasury can be a strong fit. If it isn't, the eligibility requirements below will rule it out before you get to the features.

What is Novo?

Novo is a financial technology company built for small businesses that want better cash flow visibility without monthly fees. Novo isn't a bank itself; banking services are provided by Middlesex Federal Savings, F.A., Member FDIC. You can manage your finances on the go, connect a suite of integrations, send invoices, and pay vendors.

Freelancers, startup founders, and small business owners can open a business checking account online with no minimum balance and no opening deposit required.

Novo's checking account has no monthly fee, refunds third-party ATM fees up to about $7 a month, and includes free unlimited invoicing—a strong fit for service-based businesses. It also connects to QuickBooks, Xero, Shopify, Stripe, and Wise.

Differences between Brex vs. Novo

The biggest difference is eligibility: Brex serves venture-backed and mid-market companies, while Novo serves everyday small businesses, including sole proprietors. From there, the two diverge on cards, yield, and cash access—Brex leans corporate (charge card, treasury yield, no ATM access), while Novo leans simple (debit card, ATM refunds, no interest).

Brex vs. Novo comparison chart

The chart below compares Brex and Novo on the details that matter most in 2026, from eligibility and fees to cards, yield, and support.

> Not the perfect fit? Check out Relay, rated 4.3 on Trustpilot. Learn more about how Relay compares vs Brex here.

Qualifying for an account

Because Brex serves funded and larger businesses, qualifying is very different between the two. To open a Brex account, a business generally needs to be a US-registered corporation, LLC, or LLP and meet one of these bars: professional investment (accelerator, angel, or VC), or roughly $400,000 a month in revenue. Brex underwrites on cash on hand and typically looks for meaningful reserves; sole proprietors and unincorporated partnerships aren't eligible.

Novo has far fewer requirements. It accepts most US small businesses, and opening a checking account is a short online application with no minimum balance or opening deposit.

Business bank accounts

Both Brex and Novo skip monthly maintenance fees, but they organize money differently. Qualifying Brex customers can open multiple accounts under one login. Novo gives you one checking account plus up to 20 "Reserves"—sub-balances inside the account for setting money aside. Reserves are useful for categorizing your cash, though they don't carry their own account and routing numbers the way separate checking accounts do. For a small business with simple finances, one account plus Reserves is often enough; businesses that need true separate accounts per purpose tend to outgrow it.

Cashback and rewards

Rewards are a clear split. Brex offers points and cash back on its corporate card, with category bonuses and travel redemptions; to earn the strongest rates, businesses generally need to route most of their spend through Brex. Novo is debit-only and doesn't offer card rewards, but it passes along partner perks and discounts on business tools instead.

Accounts payable features

Brex focuses on expense management for teams: startups can set spend policies, employees can request cards or higher limits, and bill pay is automated. While Brex doesn't directly pull unpaid invoices from your accounting system, businesses can forward bills to Brex for payment.

With Novo, you can create and send unlimited invoices and accept payment by ACH, card, PayPal, or Venmo. Novo doesn't import bills for scheduled payment the way a dedicated AP tool does, so accounts payable stays lighter-weight.

Banking experience

Both are digital-first, but the experience matches who they serve. Brex is built for larger teams with complex finances and heavier controls. Novo is built for small businesses with simpler needs—its mobile app makes everyday tasks like deposits, payments, transfers, and invoicing straightforward. That difference also shows up in customer sentiment: Novo holds a 4.0 Trustpilot rating across roughly 4,800 reviews, while Brex sits at 1.9 across about 575.

Which is better, Brex or Novo?

Which one is better depends on the size and stage of your business. If you're a venture-backed tech startup or a larger company with complex spend and idle cash to put to work, Brex's corporate cards, treasury, and controls are built for you. If you're a small business, freelancer, or sole proprietor that needs simple, low-cost banking with invoicing and cash flow organization, Novo is the account you can actually open.

For businesses that need more advanced cash flow control than either offers, an online banking and money management platform like Relay is worth comparing. Relay makes it easy to separate income, spending, and reserves across dedicated accounts so you can see exactly what you're earning, spending, and setting aside.

Take control of your cash flow with Relay

Relay puts you in control of your finances. Collect income in one place, use up to 20 checking accounts to organize expenses, and categorize payments for a clear picture of your cash flow.

Relay goes beyond the everyday banking basics with:

• No monthly maintenance fees, no minimum balances, and no overdraft fees

• Up to 20 individual checking accounts

• Up to 50 virtual or physical Relay Visa® debit cards³

• Payments and deposits via ACH, wire, and check

• Deposits from payment processors like PayPal, Stripe, and Square

• Direct integrations with QuickBooks Online and Xero

If you're setting up banking that keeps each dollar in its place, opening a Relay account gives you the structure out of the box.

³The Relay Visa® Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa debit cards are accepted.

Frequently asked questions

Is Brex owned by Capital One?

Yes. Capital One completed its acquisition of Brex on April 7, 2026. Brex still operates under its own brand and continues to take on new customers, though products and support may change over time as the two companies integrate.

Can sole proprietors open a Brex or Novo account?

Novo yes, Brex no. Novo accepts sole proprietors and most US small businesses with no minimum balance. Brex requires a registered corporation, LLC, or LLP that is venture-backed or generating substantial revenue, so sole proprietors and unincorporated partnerships aren't eligible.

Does Novo offer a savings account or interest?

No. Novo doesn't pay interest or offer a savings/treasury product. It uses "Reserves"—up to 20 sub-balances inside your checking account—to help you set money aside, but those balances don't earn a yield.

Is Brex or Novo better for a small business?

For most small businesses, Novo, because you can actually open it and it has no monthly fee or minimum balance. Brex is built for funded startups and mid-market companies. If you need to separate cash across multiple dedicated accounts with automated transfers, compare a multi-account platform like Relay alongside both.