Black-owned fintech company Novae launches new option for online banking


CONYERS, Ga., November 23, 2021 /PRNewswire/ — If you’ve recently tried to pay for goods or services in the United States, you may have learned how essential a bank account can be. A growing number of companies and institutions alone accept payment by electronic funds transfer from a bank, and may even refuse to do business with someone who can only pay in cash.

That’s bad news for the estimated 14 million American adults who, by choice or necessity, don’t have a bank account. Unbanked people find it increasingly difficult to offer acceptable forms of payment for even the most basic necessities of life, and may be excluded from many types of businesses, housing, investments and even employment. education.

Some people choose to keep their money out of banks because they don’t trust the 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 needed to open and access an account.

Novae LLC now offers a new solution for the unbanked.

A Georgia Novae has been providing highly accessible financial tools for years to help disadvantaged people build credit, buy a home, and start a business. Today, this rapidly growing company has added online banking to its list of offerings designed to make life easier for people who have historically been denied access to education and financial institutions.

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

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

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

CEO Recce McCambry hopes 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 accessing banking services for people living in low-income areas.

Novae has also arranged up to 10% cash back on purchases made with Novae debit cards, allowing users to quickly earn points to spend at any of over 100 outlets.

Novae online banking accounts are FDIC insured until $250,000, and come with the Advanced Card Security option. Plans for 2022 include rolling out budgeting tools to allow customers to set and achieve financial goals with support from Novae’s tracking feature. A line of unsecured credit cards is also expected to be rolled out in the first quarter of 2022.

Novae, LLC was named by Inc 5000 as one of America’s Fastest Growing Companies in 2021. The company has experienced massive growth since its founding in 2014, driven by its innovative models for leveraging technology to make financial services highly accessible to those who have traditionally been excluded from 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. 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 thrive and innovate in FinTech. Novae’s consumer finance, business finance, credit creation and real estate investment program is also available to potential white label partners who want to grow their own brand and business.

“I hope this will make it easier than ever to access online banking,” says CEO Recce McCambry. “This will make it easier for users to do business and make purchases and investments that may be restricted to people without bank accounts. Together, we can work towards a more prosperous future for everyone.”

For more information about Novae, visit

Media Contact:
Arielle Dothard
[email protected]



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