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Former Kabbage CFO to Create Loan Products That Will Help Small Businesses Increase Their Money Flow
MIAMI, May 19, 2022–(BUSINESS WIRE)–Novo, the strong and undeniable financial platform for small businesses, today announced that the company has hired Kevin Phillips, former CHIEF Financial Officer of small business lending firm Kabbage, to free up and scale the lending business. Today, Novo is also launching Boost, making it the only monetary platform that gives small businesses and freelancers the same day invoices earned through e-commerce platforms.
Introducing Novo Boost
“While some fintech corporations and banks claim to offer instant bills, we found that the market is full of answers that come with significant fees or serve well-established corporations rather than the millions of small business owners and freelancers who would gain advantages. maximum faster service. invoices,” said Michael Rangel, CEO and co-discoverer of Novo. friends to the loose photographer who uses Stripe for her billing. “
Small businesses struggle to manage their cash flow due to lack of credit, overdue payments from visitors, or banking facilities with high fees tailored to businesses. The generation behind Boost releases the budget to a user’s Novo account some time after the payment processor transacts, rather than waiting up to five days for the quote to be accessible.
To take advantage of Boost, small businesses can create a loose checking account in novo. co and, once approved, integrate it with Stripe from the mobile or Novo apps. Novo can approve accounts within two days and consumers can set up Novo’s integration with Stripe immediately.
Novo plans to launch Boost on other platforms over the next year. For more information, visit www. novo. co/pd/lp-1.
Announcement through Kevin Phillips
“As Novo considers its next level of growth, we are taking the small business-focused principles we use to design our award-winning checking account and creating a monetary platform that brings incredible capability and usability to all facets of small business financing,” Rangel said. That’s why we’re thrilled to bring in Kevin Phillips, a true pioneer in small business lending who has developed one of the world’s most successful lending platforms from the ground up. As executive vice president of lending at Novo, Kevin will create lending products that actually prioritize small businesses. »
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 various leadership positions, in addition to CTO, CFO and Director of Corporate Development. Prior to Kabbage, Phillips held C-level positions at a number of fast-growing technology startups, adding CEO of Support Center Technologies and ZapMedia, COO and CFO at Scientific Intake and CIO at S1. Phillips earned his MBA from Georgia State University.
“Virtually all small fintech corporations are considered ‘great’ for their customers, but very few manage to create products and facilities that stay true to their mission,” Phillips said. “Novo is one of the few exceptions. The company is already in a habit of finding innovative and business-friendly tactics for the flow of money, and I look forward to expanding those money flow efforts in the coming years. “
Phillips joins Novo at a time of company expansion. Novo has surpassed $8 billion in lifetime small business transactions. Over the past year, Novo has also raised more than $130 million from leading fintech investors such as Stripes Group and Valar Ventures, and has added more than 100,000 new small business clients.
About Novo
Novo Platform, Inc. (“Novo”) is the incredibly undeniable existing account and money generation platform designed for small businesses. For more information, visit www. novo. co. situations described here.
Disclosure
Novo is a fintech, a bank. Novo acts as a service provider for Middlesex Federal Savings, F. A. , and banking and deposit products received through the Novo platform are provided through Middlesex Federal Savings, F. A.
Middlesex Federal Savings, F. A. es a federal savings bank and an FDIC-insured depository facility (FDIC Certificate 28368). Deposits made with Middlesex Federal Savings, F. A. through the Novo platform they obtain advantages of the FDIC insurance policy on a transfer basis up to the applicable legal limit amount. When calculating the amount of your deposits covered through FDIC insurance, please note that any deposits you make through the Novo Platform will be bundled with all deposit accounts of the same ownership and/or acquisition held with Middlesex Federal Savings, F. A. Middlesex Federal Savings, F. A. marques. Se additional data related to the FDIC’s insurance policy can be obtained from www. fdic. gov.
See the businesswire. com edition: https://www. businesswire. com/news/home/20220518005041/en/
Contacts
Alex Parksalex. parks@novo. co 617-784-8863