Former Kabbage CFO to build out lending products that will help small businesses improve their cash flow
Novo, the powerfully simple financial platform for small businesses, announced that the company has brought on Kevin Phillips, former CFO at small business lending company Kabbage, to launch and scale 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.
Latest Fintech News: Granite Bank Announces Acquisition of Maple Bank
“Virtually every small business fintech company markets themselves as being ‘great’ for their customers, but very few are successful in building out products and services that stay true to their mission”
Introducing Novo Boost
“While some fintech companies and banks claim to offer instant payouts, we saw that the market is filled with solutions that come with significant fees, or serve well-established corporations instead of the millions of small business owners and freelancers that would benefit 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 that process payments via Stripe — from the growing e-commerce store that employs 10 people to the freelance photographer who uses Stripe for her invoicing.”
Latest Fintech News: Globant Launches Smart Payments Studio to Help Companies Create Simpler, Faster and More Secure Solutions
Small businesses often struggle to manage their cash flow because of a lack of credit, late customer payments or high fee banking services tailored towards enterprises. The technology behind Boost releases funds into a user’s Novo account shortly after a transaction is approved by the payment processor, as opposed to waiting as long as five days for the funds to be accessible.
To take advantage of Boost, small businesses can create a free checking account at novo.co, and once approved, integrate with Stripe from within the Novo website or mobile apps. Novo can approve accounts within two days, and customers can set up the Novo integration with Stripe immediately.
Latest Fintech News: Unit Announces $100 Million Series C Led by Insight Partners, Valuing the Company at $1.2 Billion
[To share your insights with us, please write to sghosh@martechseries.com]
