Novo vs Relay: what each publishes
As of October 17, 2026, we hold published rules from Novo on 5 of 7 industries and from Relay on 4.
Not a ranking: the two names are in alphabetical order. The free check applies every provider’s rules to your own answers.
Where it takes companies from
Policy by industry
| Industry | Novo | Relay |
|---|---|---|
| Crypto | Depends on the activity | No |
| iGaming | No | No |
| Adult | No | No |
| Unlicensed financial services | No | No |
| Forex and CFD | No | No published rule |
| AI and SaaS | No published rule | No published rule |
| Marketplace | No published rule | No published rule |
Where owners must live
Relay
No published rule
Rules about countries
Novo
No published rule
Relay
Relay cannot open a Relay Account for any business owner who holds citizenship or residency in one of the following countries
All countries named (31)
Afghanistan, Belarus, Bosnia & Herzegovina, Burkina Faso, Burundi, Cambodia, Central African Republic, Cuba, DR Congo, Ethiopia, Guinea-Bissau, Haiti, Iran, Iraq, Lebanon, Libya, Mali, Myanmar, Nicaragua, Nigeria, North Korea, Pakistan, Russia, Somalia, South Sudan, Sudan, Syria, Ukraine, Venezuela, Yemen, Zimbabwe
Fees
Novo
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Novo Business Checking | Free to open ('There is no charge to open the account') | None ('Novo has no monthly fee and no minimum balance requirement') | · Source |
Relay
| Plan | Account opening | Monthly | Checked |
|---|---|---|---|
| Starter | Free to open ('Getting started costs nothing') | USD 0 a month | · Source |
| Grow | Free to open ('Getting started costs nothing') | USD 30 a month, with a 14-day trial | · Source |
| Scale | Free to open ('Getting started costs nothing') | USD 90 a month, discounted for a limited time from USD 120 | · Source |
Closing an account
Novo
For any reason and at any time with or without notice to you; or
Relay
We may also suspend or close your Account, or suspend, or disable any service or feature of your Account, at our discretion with or without notice.
Licence
| Licensee | Novo | Relay |
|---|---|---|
| Licensee | Novo Platform Inc. · financial technology company, not a bank · banking services by Middlesex Federal Savings, F.A. (FDIC cert 28368), Member FDIC | Relay Financial Technologies Inc. · financial technology company, not a bank · banking services by Thread Bank (FDIC cert 9499), Member FDIC |
| Regulator | FDIC (partner bank Middlesex Federal Savings) · | FDIC (partner bank Thread Bank) · |