CONYERS, Ga., Aug. 13, 2024 /PRNewswire/ -- Black-owned
financial technology company Novae appeared on the Inc5000 list of
America's 5,000 fastest-growing companies this month. This was
Novae's fourth consecutive year on the list, with the company
experiencing reliable rapid growth since 2020. Each year Novae has
ranked in the top 2,500 fastest growing companies, with this year
landing the fintech at 2419.
It's been an eventful four years for Novae and its customers and
direct sales force. In recent years, the fintech company has set
its sights on becoming the first one-stop shop providing a full
suite of financial solutions for businesses and consumers all in
one place.
Novae has so far pursued this strategy through a combination of
creating its own novel programs based on new business models,
partnering with well-established firms in more traditional
financial industries, and recruiting a small army of affiliates and
direct sales professionals.
Novae's affiliates and sales professionals, who can range from
already-experienced financial professionals to new graduates,
people with no experience looking to earn more income or people
seeking a career change, receive training in business, finance,
sales, and the features of Novae's extensive suite of financial
products and services.
As of this year, Novae was also inducted into the Direct Selling
Association—a 114-year-old organization designed to promote,
protect, and police the direct selling industry; while educating
and advocating for direct sales professionals, assisting with their
professional development and providing support for independent and
commission-based business models.
The DSA induction is only the most recent update in Novae's
history of startlingly rapid innovation and recognition by major
financial institutions, particularly since the company first
appeared on the Inc5000 list in 2021.
In 2021, Novae introduced their Consumer Financing program,
which offered financing in industries not offered by most "Buy Now,
Pay Later" services including high ticket coaching programs and
cosmetic surgery practices. The program has since been modified to
reduce merchant fees to 0% for merchants with over 30 lenders
sitting behind one loan application, greatly increasing the chance
of approvals for consumers looking to access services or programs
that may have once been out of reach.
In 2022 Novae rolled out an AI-powered personal credit software,
called myNovaeDisputes, which uses AI to automatically write and
empowers consumers to send their own letters to credit bureaus on
behalf of its users. This was a big step for people with errors on
their credit reports, which are infamously difficult to have
removed.
A recent study found that up to 44% of consumer credit
reports contain errors, some of which can make it harder for
affected individuals to obtain credit cards, loans, housing, cars,
and even employment. While federal law requires credit bureaus to
respond to reports of such errors, the process of sending letters,
waiting for responses, and using the correct legal jargon to obtain
a correction can be so time-consuming and frustrating that many
consumers give up.
The myNovaeDisputes app automates the process by collecting
information from consumers, then automatically preparing letters to
send to the credit bureaus. If the initial response from the bureau
isn't helpful, the app can also write letters to escalate the
dispute over time.
In the summer of 2023, Novae became the first fintech company to
roll out a Debt Help program, offering consumers assistance in
obtaining partial debt forgiveness using Novae's network of lawyers
and financial experts. After enrolling in the program, a customer's
monthly unsecured debt payments are reduced between 40-50% on
average and the customer is able to put a stop to high interest
rates and mounting fees..
When interviewed for this article, McCambry stated that there
are more plans for growth on the horizon. Novae is currently
working on expanding its fintech platform to provide Insuratech
services, optimizing the process of pairing consumers and small
businesses with the best insurance products for them.
Novae appears to be making steady progress toward its goal of
becoming the first fintech company to offer a one-stop shop for
financial solutions for businesses and consumers alike. CEO
Reco McCambry, who also writes for
Forbes.com, believes that Novae's mission to serve traditionally
underserved communities has been key to the company's success.
"There is tremendous potential out there, in terms of labor and
talent," McCambry told me in this interview. "Companies that
provide financial services and assistance in procuring financing
will see big returns on investment as these tens of millions of
underserved customers grow their wealth with the tools we make
available."
Contact:
Arielle Dothard
6787503787
381662@email4pr.com
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SOURCE Novae LLC