Black-Owned FinTech Company Helping Small Businesses With BNPL Services

Meet the founders of Novae LLC, the first Black-owned fintech company to offer Buy Now, Pay Later services
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Photo: Black Business.com

Meet the founders of Novae LLC, the first Black-owned fintech company to offer Buy Now, Pay Later services to online and offline merchants under the brand Novae Financing. CEO Reco McCambry believes that these services — which are designed to fight inequality faced by minority entrepreneurs by drastically increasing sales for these partner merchants — are the first of their kind.

The volume of sales made using Buy Now, Pay Later technology — also known as BNPL — has been growing exponentially in recent years. BNPL allows customers to make purchases and pay them off over time with little to no money up-front. Importantly, some BNPL offers installment payments without interest and pre-qualification for these installment payments without hard credit inquiries, which can hurt a consumers’ credit score.

Even better for retailers, BNPL giant Klarna reports that when businesses add a Buy Now, Pay Later option to their online store, customers are 35% more likely to make a purchase and spend on average 45% more. The lower up-front price encourages customers to make purchases now that they might otherwise save for later — which every online retailer knows may spell a death knell for the sale. When customers feel compelled to wait until they have more money to pay up-front, they are much more likely to forget the purchase entirely or buy from a competitor.

Novae Financing’s BNPL fintech is built around CEO Reco McCambry’s proposal to make financial success more affordable for Black and other historically disadvantaged customers, for whom centuries of discrimination may mean increased odds of marginalization. This historical oppression leaves them with less access to money they can invest in their businesses, careers, homes, families, and education.

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