Lili vs Novo: Which Is The Top Pick in 2025?

Many businesses look to Lili and Novo for their banking needs, each offering unique features tailored to different types of entrepreneurs. However, choosing the right solution can be a complex task.

In this article, we’ll review what each solution offers and how they compare, helping you make an informed decision. Additionally, we'll also explore Rho as a third option worth considering.

Lili Overview

Lili operates in the business banking, accounting, payments, and tax preparation sectors. It primarily serves self-employed individuals, entrepreneurs, partnerships, and scaling businesses. Lili's main value proposition is integrating banking, accounting, and tax services into a single platform, aiming to streamline financial management for its users.

Lili Features

Some of the key features of Lili include:

• Business Banking: A business checking account with a Lili Visa® Debit Card, no hidden fees, and no minimum balance.
• Accounting Software: Simplifies bookkeeping with transaction categorization and financial reporting.
• Tax Preparation: Automated tax savings, expense reports, and pre-filled tax forms for easier tax preparation.
• Invoicing Software: Create and send professional invoices, track payments, and send reminders.

Lili Pricing

Lili offers a range of subscription tiers to cater to different business needs:

• Lili Premium: $33/month - Premier Priority Service, Advanced Business Checking, Metal Debit Card, Fee-free ATM withdrawals, Early payment, Wire transfers, Fee-free Overdraft, High-yield Savings, Multiple teammate access, Comprehensive Accounting, Tax Preparation.
• Lili Smart: $21/month - Advanced Business Checking, Debit Card with Cashback, Fee-free ATM withdrawals, Early payment, Wire transfers, Fee-free Overdraft, High-yield Savings, Multiple teammate access, Comprehensive Accounting, Tax Preparation.
• Lili Pro: $9/month - Advanced Business Checking, Debit Card with Cashback, Fee-free ATM withdrawals, Early payment, Wire transfers, Automatic Tax Savings, Fee-free Overdraft, High-yield Savings, Expense Management Tools.
• Lili Basic: $0/month - Business Checking, Debit Card, Fee-free ATM withdrawals, Early payment, Wire transfers, Automatic Savings.

The prices for each tier are not publicly listed.

Drawbacks To Lili

General user reviews of Lili highlight its ease of use and convenience, though some users have specific requests for improvements.

• "Check capture can be tricky on some checks and I wish it connected to Zelle but otherwise I love how sleek it is to use." - Holly S.
• "I like the service provided by the bank, especially now with the ability to send and receive international wires." - Marshall L Phillips III

For more detailed reviews, visit Trustpilot.

Novo Overview

Novo operates in the online business banking sector, offering flexible and forward-thinking banking tools. It primarily serves small businesses, self-employed individuals, freelancers, and consultants, aiming to help these customer types thrive with its innovative platform.

Novo Features

Some of the key features of Novo include:

• Free Business Checking Account: No hidden fees, monthly fees, or required minimum balance.
• Easy Invoicing: Create and send unlimited, customizable invoices for free.
• Intuitive Budgeting: Automate budgeting and set aside funds for taxes, profit, and expenses.
• Real-Time Insights: Manage books and stay tax-ready with AI-powered transaction categorization.

Novo Pricing

Novo does not offer subscription tiers or packages, and its pricing information is not publicly available.

Drawbacks To Novo

Overall, Novo has a mixed consensus with an overall rating of 3.5 out of 5 stars. While some users appreciate its features and ease of use, others have expressed dissatisfaction with customer support and payment issues.

• "The thing that I enjoyed most about Novo was how many features it has in comparison to a traditional brick and mortar bank." - Ken A.
• "It takes a longer time than acceptable for payments to be deposited, and for disputes to be resolved." - Melissa A.

For more detailed reviews, visit Novo Reviews 2025: Details, Pricing, & Features | G2.

What to Know Before Picking Lili or Novo

Looking at the reviews as a whole, businesses using Lili often face challenges with check capture and limited account limits for deposits and transfers. Additionally, the inability to deposit cash or checks through ATMs is a significant drawback.

For Novo, common issues include delays in payment processing and problems with customer support, such as long wait times and lack of live assistance. Businesses also report difficulties with account management, including rejected deposits and ACH payments.

Why Rho Is a Better Alternative

At Rho, we understand the frustrations businesses face with Lili and Novo, such as payment delays and limited customer support. Our platform addresses these issues by offering faster payment processing and dedicated support, ensuring a seamless banking experience. Discover how we can better serve your business needs.

Rho Features

• Business Checking & Savings Accounts: Our accounts come with no ACH fees, simplifying cash management and reducing transaction costs, a common pain point for businesses using Lili and Novo.
• Corporate Credit Cards: We offer real-time spend monitoring and custom controls, addressing the need for better expense management and control over corporate spending, which can be challenging with other platforms.
• AP Automation: Our platform allows you to pay vendors quickly with zero platform fees, eliminating the delays and administrative overhead often experienced with Novo's payment processing.
• Rho Treasury: Maximize returns on idle cash with our treasury¹ services, providing a financial benefit that neither Lili nor Novo offer, helping your business grow its reserves efficiently.
• Expense Management: Streamline expense reporting and policy enforcement, reducing the manual workload and ensuring compliance, a significant improvement over the basic features provided by Lili.
• 24/7 Private Banking Support: Our dedicated support ensures continuous assistance and problem resolution, addressing the common complaints about customer support delays and lack of live assistance with Novo.
• Integrations: Seamlessly connect with your existing accounting, HR, and T&E software, enhancing efficiency and reducing the need for manual data entry, a feature that sets us apart from both Lili and Novo.

Rho Pricing

We offer a straightforward and transparent pricing structure that eliminates many of the common fees you might encounter with other financial platforms. Unlike Lili and Novo, our pricing is simple and easy to understand, with many essential services available at no cost.

• $0 Same-Day ACH fees: No cost for same-day ACH transactions.
• $0 Wire fees: No cost for wire transfers, with some exceptions for international wires.
• $0 Monthly plans: No monthly subscription fees for accessing our services.
• $0 Support fees: Free live support from day one without any additional cost.
• $0 Subscription fees: No subscription fees for using our platform.
• $0 Checking account minimum fees: No minimum balance fees for checking accounts.
• $0 Connected, in-platform capabilities: Free access to AP, Expense, and Accounting Automation features.
• $0 Per-user fees: No additional cost per user.
• 1% Foreign currency transfer: A flat 1% fee on foreign currency transfers.

You can find all the details about our pricing here.

Why Users Love Rho

We’re proud of what we do, but we think our customers say it best. Take a look at why they prefer Rho over other options.

• "Rho is everything a corporate card program should be - And it's free to the users and employers!" - Tyler M., Chief Financial Officer, Small-Business
• "From day one, using Rho has been simple and straightforward." - Kevin K., Director of Marketing and Analytics, Mid-Market
• "Modern, flexible, tech-centric user experience on traditional credit card services" - Pete S., Mid-Market

Want a firsthand look at Rho? You can request a free demo here.

Which Platform Is Right for Your Business?

Each platform—Lili, Novo, and Rho—has its strengths, catering to different business needs. Lili excels in integrating banking, accounting, and tax services, while Novo offers a feature-rich, fee-free business checking account.

This is where Rho comes in. We provide faster payment processing, dedicated 24/7 support, and seamless integrations with existing software. Our transparent pricing structure eliminates many common fees, making us a cost-effective choice for businesses seeking efficiency and reliability.

Make the Smarter Choice with Rho Today

Curious to see what Rho can do for you? Discover how our platform can transform your business. Get started with Rho today.