“We are competing against big banks. They are the only ones we are concerned with because they own 99% of the market,” said Michel Rangel, CEO of Novo, in an interview earlier this month. “We believe our product is better value for businesses, but we’re happy to see others also pushing the charge forward.”

https://techcrunch.com/2022/01/11/novo-the-smb-neobank-nabs-90m-at-a-700m-valuation/