Black Owned Fintech Novae, Joins Direct Selling Association
CONYERS, Ga., March 22, 2024 /PRNewswire/ -- CEO Reco McCambry announced this week that Novae has been accepted into the Direct Selling Association after a unanimous vote by their Board of Directors. The acceptance is a major step for Novae, which has now appeared on the Inc 5000 list of America's fastest-growing businesses for three years running.
The DSA was established over 100 years ago to support independent sales professionals, and includes giants in the finance, tech, wellness, energy, and lifestyle spaces. Members range from ubiquitous direct selling companies like ACN, Amway, Avon, Primerica, and Mary Kay to modern brands whose memberships may surprise readers like pawTree, Ambit Energy, Scentsy, and The Pampered Chef.
This acceptance also comes on the heels of Novae's rebranding as Novae: The Credit and Money Company, to reflect the range of services the company has expanded into in recent years.
Novae is unusual among fintech companies in its goal of reducing wealth inequality. Novae's services are geared toward helping people obtain home and business ownership. This mission is also reflected in Novae's direct sales business model, in which Novae sales professionals effectively own their own businesses.
Novae offers both an affiliate program in which new sales professionals and entrepreneurs sell Novae products, and Cobrand and White Label programs in which owners with existing businesses can add Novae products and services to their offerings while Novae and their partners do all the work behind the scenes.
In direct sales models, sales professionals are responsible for making their own product sales through platforms created by the direct sales company, but they also keep most of the profit from those sales for themselves.
It is this business model that the Direct Selling Association was created to support back in 1910. The association offers education, networking opportunities, and professional development to its members; as well as industry research for the marketplace and lobbies for direct sales companies in Washington, D.C.. It also has a code of consumer protection ethics to which member organizations are required to adhere.
Novae CEO Reco McCambry himself started working as a direct sales professional as a college student, and soon realized that this business model gave him the potential to develop more wealth and more freedom than the employer-employee model. He subsequently resolved to run his own company after having a tremendous amount of success as an independent direct salesperson in his 20s. His mission was to serve an unmet market need while encouraging his direct sales force to develop their entrepreneurial, business, and life skills.
McCambry believes that Novae's ethos of focusing on traditionally underserved consumers and entrepreneurs is responsible for the company's successful growth.
"Novae's services are designed for people who have historically been shut out of financial education, lending, and business support," McCambry said in an interview.
"There is huge hunger in this market. Everybody knows that the people who are paid the least are often the hardest workers. And when major banks often have not provided financial services to these people, there's huge potential for financial growth that isn't being tapped by existing business models."
Novae's most recent product releases have included new offerings for both businesses and private individuals.
On the business side, Novae has expanded their debt help program to include debt restructuring for businesses, which promise to lower business's monthly debt payments down to roughly 2% of their total debt, and rolled out a free service to assist individuals in setting up their LLCs. They've also added services to assist with applications for trademarks, EINs, business licenses, sales tax permits, and more.
On the personal finance side, Novae has expanded its financial education and legal assistance services to include trust and will estate planning services which use cutting-edge technology to reduce labor costs and pass the savings along to customers. This represents Novae's latest effort to not only help others build a financial legacy, but to help them protect it and pass it on.
With Novae continuing to expand into new territory in terms of both services offered and market share, CEO McCambry is confident that the company's membership in the Direct Selling Association will lead to great things.
"This is an organization that has been there for sales professionals and providing industry credibility and integrity since its founding in 1910," McCambry said. "Novae is proud to now be part of that legacy."
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Arielle Dothard
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SOURCE Novae
