Black-Owned Fintech Company Novae Launches a New Option for Online Banking

CONYERS, Ga., Nov. 23, 2021 /PRNewswire/ — If you’ve tried to pay for goods or services in America lately, you may have learned how indispensable a bank account can be. A growing number of businesses and institutions will only accept payment through electronic funds transfers from a bank, and may even refuse to do business with someone who can only pay in cash.

This is bad news for the roughly 14 million American adults who, by choice or necessity, don’t have a bank account. The unbanked increasingly find themselves struggling to offer acceptable forms of payment for even the most basic necessities of life, and may be shut out of many types of business, housing, investments, and even education.

Some people choose to keep their money out of banks because they don’t trust big banks, knowing their recent history of security breaches and government surveillance. Others feel unable to open a bank account because they struggle with the paperwork, technology, and identity documents necessary to open and access an account.

Novae LLC is now offering a new solution for the unbanked.

A Georgia based company, Novae has been offering highly accessible financial tools to help the underprivileged to build credit, buy houses, and start businesses for years. Now this rapidly growing company has added online banking to their list of offerings designed to make life easier for people who have historically been denied access to financial education and institutions.

Novae LLC is one of the first Black-owned FinTech companies to offer online banking. The program provides both virtual and physical debit cards and has no setup fees, no minimum balance required, no monthly fees, and no overdraft fees. Setting up an account takes less than five minutes online and costs nothing.

In short, Novae Online Banking is set up to be as convenient and financially friendly as possible.

As with traditional online banking, Novae’s program allows account holders to have their paychecks directly deposited into their online bank account, and to transfer money in from PayPal or from other banks. But unlike many traditional banks, customers can also load cash onto their Novae debit cards by visiting any WalGreens, CVS, or Dollar Tree locations nationwide. 

CEO Reco McCambry hopes that this design will make Novae Online Banking much more accessible than the traditional banking model. The limited number of physical bank locations has been a huge barrier to access to banking for people living in low-income areas.

Novae has also arranged up to 10% cashback rewards on purchases made using Novae debit cards, allowing users to rapidly earn points to spend at any of over 100 retail locations.

Novae’s online banking accounts are FDIC insured for up to $250,000, and come with the option of Advanced Card Security. Plans for 2022 include rolling out budgeting tools to enable customers to set and meet financial goals with support from Novae’s tracking function. A line of unsecured credit cards is also planned for rollout in Q1 of 2022.

Novae, LLC was named by Inc 5000 as one of the fastest-growing businesses in America in 2021. The company has experienced massive growth since its founding in 2014, thanks to its innovative models for leveraging technology to make financial services highly accessible to those who have traditionally been shut out of financial education.

Entrepreneurs who join Novae’s White Label Partner Program will also be able to license Novae’s online banking technology to provide financial services under their own brand name. McCambry’s plan is to allow other FinTech entrepreneurs to use the system, allowing Novae’s infrastructure to do all the work, while advertising the service as part of their own branded services.

Through this program, McCambry hopes to encourage a diversity of small businesses to prosper and make innovations in FinTech. Novae’s Consumer Financing, Business Funding, Credit Building, and Real Estate Investing Education Program are also available to potential White Label partners who wish to grow their own brand and business.

"I hope this will make it easier than ever before for people to access online banking services," says CEO Reco McCambry. "This will make it easier for users to do business and make purchases and investments that may be off-limits to people without bank accounts. Together, we can work toward a more prosperous future for everyone."

For more information about Novae visit

Media Contact:
Arielle Dothard