Novo Referral Program

Date Last Updated:

June 9, 2022

1. Overall Program Description

These Novo “Referral Program” terms and conditions (“Terms”) offered by Novo Platform Inc. (“Novo”) govern the referral from a Referring User (as defined below) to a Referred User (as defined below), where the Referred User opens a Novo business checking account (“Account”) and the Referring User and the Referred User both meet the Qualifications (as defined below) (all of the aforementioned, the “Referral Program”). If you have any questions about these Terms, please contact us at

2. Definitions

  • “Account Opening Date” is the date that the Referred User’s Novo business checking account was opened by Novo.
  • “Novo Unique Referral Code” is a code unique to the Referring User that MUST be used by the Referred User in order to become a Qualified Account.
  • “Authorized User” means any user authorized on the account in accordance with the Novo Business Account Agreement.
  • “Qualifications” are set forth in Section 3 below.
  • “Qualified Account” is a new Novo Account that is opened as a result of the Referral Program that satisfies all of the Qualifications outlined in these Terms.
  • “Referred User” is the recipient of the Novo Unique Referral Code which has been sent to the Referred User by the Referring User.
  • “Referring User” is the Novo user with an Account that sends the Novo Unique Referral Code to the Referred User.
  • “Referral Bonus” is an Account credit issued to both the Referred User and the Referring User.

3. Qualifications

In order for both the Referred User and the Referring User to each qualify for and receive the Referral Bonus, the Referred User must meet ALL of the following (the “Qualifications”):

  • The Referred User must not have previously opened an Account;
  • The Referred User must use the Referring User’s Novo Unique Referral Code when applying for a new Account;
  • The Referred User must be approved and open a new Account;
  • The Referred User must have credits to their Novo account totaling $100.00 or more within 30 days of the Account Opening Date;
  • An external deposit must be made by Authorized User on the Referred User’s Account; and
  • After achieving a balance of $100 or more, the Referred User must maintain an average balance of $100 or greater in their Novo business checking account for the next 30 days.

4. Program Limitations

  • The Referral Program does not have a limit to the number of referrals that can be made; however, Referring Users may only receive Referral Bonuses for up to 10 Qualified Accounts. Novo reserves the right to change the maximum number of Referral Bonuses at any time and for any reason in its sole and absolute discretion.
  • Each Novo Unique Referral Code is generated for a specific Referring User. Once the Novo Unique Referral Code has been used by a Referred User, Novo cannot reverse its use or application. Each Referred User may only use one Novo Unique Referral Code to enroll in a Novo account, regardless of whether the Referred User received or had access to multiple Novo Referral Unique Link Codes from different Referring Users.
  • By accepting this Referral Program, you agree that you have read and understood these Terms and agree to be bound by them.

5. Privacy 

The Referred User acknowledges that payment of the Referral Bonus will result in the Referring User’s knowledge of the Referred User’s establishment of an Account.

6. Novo’s control of the program

Novo reserves the right, in its sole and absolute discretion to, terminate, suspend, or modify the Referral Program in whole or in part in any way and at any time without advance notice. Without limiting the foregoing, Novo may terminate or suspend the Referral Program for any Referring User if it finds or believes that the Referring User is manipulating or otherwise abusing the process, fairness, or integrity of the Referral Program or otherwise has become ineligible. Referral Bonuses earned through fraudulent activities or activities in violation of these Terms will be null and void and repayment may be requested by Novo.

The Referral Bonus is paid by Novo within 30 days of the Referred User meeting all Qualifications.

7. Incorporation by Reference.  

As a condition of participating in these Terms, the Referring User and Referred User acknowledge and agree that additional agreements govern their relationship with Novo, including but not limited to Novo Terms of Use Agreement, the Novo Business Account Agreement, MFS and Novo Privacy Policies, and the MFS and Novo Electronic Communication Agreements, each of which is hereby incorporated by reference.

8. Tax implications

Referral Bonus is considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable).

9. Banking disclosures

Banking services are provided by Middlesex Federal Savings, F. A., Member FDIC.

The Novo Mastercard® Business Debit Card is issued by Middlesex Federal Savings, F. A., Member FDIC pursuant to a license from Mastercard Incorporated and may be used everywhere Mastercard debit cards are accepted. Please see the back of your Card for its issuing bank.

Novo is a financial technology company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A.; Member FDIC.