Novae Named to Inc 5000 For Third Consecutive Year
CONYERS, Ga., Aug. 15, 2023 /PRNewswire/ -- Inc Magazine announced this week that Novae, LLC has been named one of Inc 5000's fastest-growing companies for a third year running, reaching number 903 on the list.
"I'm almost getting used to it," Novae's CEO, Reco McCambry joked, recalling his excitement at being named to the prestigious list in 2021 and again in 2022. "But seriously, we are extremely humbled by this recognition and consider ourselves tremendously blessed!"
Making the Inc 5000 is a holy grail for business owners. To be considered, a company must have been in business for at least four years, must have a revenue of at least $2 million, and must outcompete all other businesses meeting these requirements to rank among the 5,000 fastest-growing businesses in America. The Inc. 5000 ranks companies by overall revenue growth over a three-year period.
Novae began as a financial education company, and has expanded with blistering speed in recent years by targeting essential and underserved markets. They've focused on making services including buy now, pay later services, personal and business loans, credit building, and consumer debt reduction services accessible and convenient.
Where traditional banks have often neglected less wealthy customers who have less money to invest, Novae has experienced huge growth by focusing on accessibility, and on financial products designed for individuals and businesses who don't have millions of dollars to throw around.
"A lot of it is about serving my community," McCambry says, recalling growing up in an underserved neighborhood himself. An MBA honors graduate, McCambry started Novae with the mission of providing financial education to people like his own neighbors and family members who struggled with debt and poverty because they weren't taught about business or finance in school. From there, offering services like business credit building, business loans, consumer debt reduction services, and buy now, pay later to help companies and consumers stretch out payments on essential goods and services was a natural progression.
McCambry's eye for helping consumers invest in themselves has served him well. Novae created some controversy by offering buy now, pay later services for high-cost industries which have traditionally been avoided by BNPL giants like Klarna, but his decision to help companies offer installment payments on services like property renovations and healthcare services not covered by many insurance companies helped catapult him to the Inc 5000 for a third year running.
"If you can renovate your property and sell it for a higher price, if you can feel better and perform better in your career, you're going to have better financial prospects in the future." McCambry says. "That uplifts the whole community."
McCambry's unconventional approach involves targeting not just underserved clients, but also underserved entrepreneurs. With the goal of making success in business accessible, Novae's Affiliate, Co-Brand, and White Label programs allow new entrepreneurs and those who already have established businesses in the finance space to begin earning revenue in partnership with Novae.
The Affiliate Program allows new entrepreneurs to become Novae financial educators for just a few hundred dollars, while the Co-Brand Program charges a few thousand to set up a full online website which combines the prospective partner's existing product or services brand with Novae's offerings. Co-Brand partners are able to leverage Novae's fintech platform and credibility to significantly increase their revenues almost instantly after implementation.
The approach allows Novae to share the wealth, both in terms of revenue and business experience, while lowering barriers for people to enter the finance industry.
"Obviously I believe in formal education," McCambry says. "I got an MBA myself. But I don't believe it's necessary to go to business school in order to be successful in business. We teach people what they need to know as quickly and affordably as possible, based on our real-world experience. If they want to use the money they make to go to college or get an MBA, that's amazing. But there's no reason to require those qualifications to even give people a shot at working for your company."
"A lot of people focus on the markets that already have money," McCambry explains. "But it's the markets who have been denied these opportunities that have the greatest potential for growth. Money does make money, but labor does as well. If you can connect a labor-rich market to the finance industry, you've got a formula for success."
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SOURCE Novae LLC
