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.”
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