MIAMI–(BUSINESS WIRE)–Novo, the powerful and simple financial platform for small businesses, today announced that the company has tapped Kevin Phillips, former CFO of small business lending firm Kabbage, to launch and grow Novo’s lending business. Today, Novo is also launching Boost, making it the only financial platform that gives small businesses and freelancers same-day access to payments received through e-commerce platforms.
Introducing Novo Boost
“While some fintech companies and banks claim to offer instant payments, we’ve found that the market is full of solutions that either come with hefty fees or serve well-established companies instead of millions of small business owners and freelancers. who would benefit the most from faster payments,” said Michael Rangel, CEO and co-founder of Novo. “Novo Boost is free and will be available to all Novo customers who process payments through Stripe – from the store of growing e-commerce that employs 10 people to the freelance photographer who uses Stripe for billing.”
Small businesses often struggle to manage their cash flow due to a lack of credit, late customer payments, or high-fee business-friendly banking services. The technology behind Boost releases funds to a user’s Novo account shortly after a transaction is approved by the payment processor, instead of waiting up to five days for funds to be accessed.
To take advantage of Boost, small businesses can create a free checking account at novo.co and, once approved, integrate it with Stripe from Novo’s website or mobile apps. Novo can approve accounts within two days and customers can set up Novo’s integration with Stripe immediately.
Novo plans to launch Boost on other platforms over the next year. To learn more, visit www.novo.co/pd/lp-1.
Announcement by Kevin Phillips
“As Novo envisions its next stage of growth, we’re taking the small business-centric principles we used to design our award-winning checking account and creating a financial platform that brings incredible functionality and usability to all aspects of small business financing,” said Rangel. “That’s why we’re thrilled to bring in Kevin Phillips, a true pioneer in small business lending who built from the ground up one of the world’s most successful lending platforms. best performers in the world. As Senior Vice President of Lending at Novo, Kevin will create lending products that truly put small businesses first.”
Phillips is a world-renowned senior executive with a proven track record of building high-growth start-ups as well as leading large, complex organizations. In 2011, Phillips was one of the first executives to join the Kabbage team and, within a decade, built the company into one of the most successful small business lending platforms in the world. During his tenure at Kabbage, Phillips held several leadership positions including CTO, CFO and Head of Corporate Development. Prior to Kabbage, Phillips held C-level positions at a number of fast-growing tech startups, including CEO of Support Center Technologies and ZapMedia, COO and CFO at Scientific Intake, and CIO at S1. Phillips received his MBA from Georgia State University.
“Virtually all small fintech companies market themselves as ‘great’ to their customers, but very few manage to develop products and services that stay true to their mission,” Phillips commented. “Novo is one of the rare exceptions. The company is already used to finding innovative and user-friendly ways to improve cash flow, and I look forward to expanding these cash flow improvement efforts in the years to come. »
Phillips joins Novo at a time of significant growth for the company. Novo has surpassed $8 billion in lifetime small business transactions. Over the past year, Novo has also raised over $130 million from leading fintech investors such as Stripes Group and Valar Ventures, and added over 100,000 new small business customers.
Novo Platform, Inc. (“Novo”) is the powerful and simple financial technology and checking account platform designed for small businesses. To learn more, visit www.novo.co. Novo Boost and early availability of funds are governed by the program terms and conditions outlined here.
Novo is a fintech and not a bank. Novo acts as a service provider for Middlesex Federal Savings, FA, and deposit and banking products obtained through the Novo platform are provided by Middlesex Federal Savings, FA.
Middlesex Federal Savings, FA is a federal savings bank and an FDIC-insured deposit-taking institution (FDIC Certificate 28368). Deposits made with Middlesex Federal Savings, FA through the Novo platform enjoy FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note that any deposits you make through the Novo platform will be aggregated with all similarly owned and/or acquiring deposit accounts held with Middlesex. Federal Savings, FA and Middlesex Federal Savings, FA brands. Additional information regarding FDIC insurance coverage is available at www.fdic.gov.