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IAMI, November 1, 2023 — Novo, the powerfully simple financial solutions platform for small businesses, and LegalZoom.com, Inc. (NASDAQ: LZ), the industry leader in online small business formations and a leading online platform for legal, compliance and tax solutions, today announced an extensive new partnership that provides small businesses with seamless access to each other’s services.
Over half of U.S. small businesses do not have a business bank account, often due to cumbersome requirements such as going to a bank in person and lengthy application processes. LegalZoom’s partnership with Novo now enables small businesses to submit applications for a Novo checking account directly within LegalZoom. LegalZoom customers who apply for a Novo account have their business information and key documents pre-populated, so submitting an application takes two minutes. Once their Novo account is set up, small business owners can receive up to $550* as a bonus for using their Novo Debit Card.
Novo customers can also now access LegalZoom services through the Novo platform, giving small businesses seamless access to formation services for LLCs, S-Corps, C-Corps, and nonprofits, as well as registered agent and business advisory services.
“Separating business and personal finances is essential for small businesses – it sets the foundation for building business credit and simplifying tax time,” said Kathy Tsitovich, Chief Partnerships Officer, LegalZoom. “By partnering with Novo, we can streamline the process of forming a business and opening a bank account, improving access for entrepreneurs to these foundational business needs.”
“Integrating LegalZoom services into the Novo platform marks a significant step forward in Novo’s mission to create an all-in-one solution for small businesses’ financial and operational needs,” said Brad Paterson, EVP of Marketing and Partnerships at Novo. “We are thrilled to work together closely to help all of our small business customers access LegalZoom’s offerings seamlessly.”
About Novo
Novo Platform, Inc. (“Novo”) is the powerfully simple financial solutions platform for small businesses. To learn more, visit www.novo.co.
Disclosure
Novo is a fintech, and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the Novo platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the Novo platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.
Merchant Cash Advance products and services are offered by Novo Funding LLC (“Novo Funding”), a wholly owned subsidiary of Novo. Merchant Cash Advances require a Novo checking account.
*New eligible customers who sign up for a Novo Account through the LegalZoom portal can earn either a) a $250 cash bonus (the “Cash Bonus”) after making $5,000 or more in net eligible purchases (purchases of goods and services minus returns/credits) using their Novo debit card within 120 days of account opening, or b) a $550 cash bonus after making $10,000 or more in net eligible purchases (purchases of goods and services minus returns/credits All account applications are subject to approval. Eligible purchases are Novo debit card transactions for goods or services excluding the following: ACH payments, purchases of gift cards, purchases of traveler's checks, cash withdrawals, advances, credits from loans and cash equivalents, balance transfers, purchases of currency including coins, purchases or reloading of prepaid cards, in-app purchases, money transfer services, crypto-related services, peer-to-peer transactions such as Zelle, Venmo or Paypal, quasi-cash transactions or those using a PIN or that the merchant processes via debit network or PIN-less debit, fees on the Novo account, foreign exchange fees and fees for account services, and fees for any user services enrolled in. This list of eligible purchase exclusions is subject to change at any time, without notice. If Novo notices any activity that it believes is abusive, fraudulent, or in violation of these offer terms or Novo’s terms and conditions, Novo reserves the right to deny payment of Cash Bonus or revoke any deposited Cash Bonus. Novo further reserves the right to suspend or close accounts as deemed fair and appropriate in Novo’s sole discretion. Cash Bonus will be deposited into the Novo account within 60 days after the threshold spend amount has been met. The Novo account must be open and in good standing at the time of the Cash Bonus deposit to be eligible to receive the Cash Bonus. Novo reserves the right to modify or revoke this offer at any time. Offer not valid for existing or prior Novo customers, and only valid for current LegalZoom customers who sign up through the Legalzoom portal. Eligibility is based on the primary Novo account owner. The value of this Cash Bonus may constitute taxable income. The recipient of the Cash Bonus is responsible for any federal or state taxes resulting from the Cash Bonus and should consult a tax advisor if he/she has questions about the tax treatment of the Cash Bonus.
About LegalZoom.com, Inc.
LegalZoom is the leading online platform for business formation in the United States. Driven by a mission to unleash entrepreneurship, LegalZoom delivers comprehensive legal, tax and compliance products and expertise for small business owners through easy-to-use technology. From free business formations to business management solutions and professional advisory services, LegalZoom supports millions of small business owners and their families throughout the entrepreneurial journey. Founded on the belief that everyone should have affordable access to legal and financial expertise, LegalZoom empowers entrepreneurs to make their dream a reality. To learn more about LegalZoom, visit www.legalzoom.com
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Novo Press Contact: Alex Parks, press@novo.co
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