Novel is your international business bank account

With Novel, international founders can get a U.S. business bank account, multi-currency wallets, global transfers in 140+ currencies, and more all in a single place.

Team Size:15
Location:Minneapolis, MN

Active Founders

Aldrin Clement

Founder at Jumpstart (YC S20) | ex-Deloitte Consulting | named after buzz aldrin

Aldrin Clement
Aldrin Clement

Paul Clement

Paul Clement
Paul Clement

Company Launches

Hey everyone!

We’re Aldrin and Paul, from Novel!

Novel is an international business bank account for global businesses. We provide international founders with a U.S. business bank account, 30+ multi-currency accounts, global payouts in 140+ currencies, and smart debit cards.

The Problem ‼️

International businesses can’t access the U.S. financial services they need to grow.

There has been an explosion of global founders choosing to form U.S. entities to make it easier to raise venture funding, use Stripe & PayPal, and sell to U.S. customers.

Unfortunately, since non-U.S. residents don’t have an SSN, traditional financial institutions make it challenging for most global founders to open a real, high quality, FDIC-insured bank account.

Even when it comes to emerging fintechs, international founders in particular have their own unique pain points: funding their business account from a local currency and bank, processing payouts in other currencies, and conducting business without getting their accounts frozen (many international founders using money transfer tools instead of bank accounts have had their accounts or funds frozen for months. Banks often do this as well).

We had one early customer from Argentina come to us after their Wells Fargo account (with over $1M USD deposited) was shut down overnight with no notice!

The Solution 👊🏿

A bank tailored to international founders.

In as little as 30 minutes after filling out our 10 minute application online, we can open an account for a founder without an SSN.

While many other banks are willing to look at applications from international founders, they still reject upwards of 30%+ of applicants 😥. Novel’s greater understanding of these customers allows us to better accommodate these founders. Our custom KYC process allows us to quickly identify the customer and their risk profile, and issue them an account.

With Novel, founders all over the world can:

  1. Quickly open a business checking account and fund via 30+ currencies
  2. Receive physical and virtual debit cards
  3. Conduct payouts in 140+ currencies (more than any existing bank)
  4. Easily do domestic and global transfers at the lowest rates (0.35% above interbank - 2x cheaper than TransferWise)
  5. Use their account to access services like Paypal, Stripe, and invoicing

Think Novel could be a good fit for you or a friend? 💙

We would love for you to try us out. Email us at sales@trynovel.com and we will provide you a free year of our Plus plan! If you need to move money globally to run your business, we’re here to help.