海角爆料 Launches Boost for Faster E-Commerce Payments; Hires Kevin Phillips as EVP of Lending
IAMI, May 19, 2022 鈥 海角爆料, the powerfully simple financial platform for small businesses, today announced that the company has brought on Kevin Phillips, former CFO at small business lending company Kabbage, to launch and scale 海角爆料鈥檚 lending business. Today, 海角爆料 is also launching Boost, making it the only financial platform that gives small businesses and freelancers same day access to payments received through e-commerce platforms.
Introducing 海角爆料 Boost
鈥淲hile some fintech companies and banks claim to offer instant payouts, we saw that the market is filled with solutions that come with significant fees, or serve well-established corporations instead of the millions of small business owners and freelancers that would benefit most from faster payments,鈥 said Michael Rangel, CEO and co-founder of 海角爆料. 鈥満＝潜 Boost is free, and will be available to all 海角爆料 customers that process payments via Stripe 鈥 from the growing e-commerce store that employs 10 people to the freelance photographer who uses Stripe for her invoicing.鈥
Small businesses often struggle to manage their cash flow because of a lack of credit, late customer payments or high fee banking services tailored towards enterprises. The technology behind Boost releases funds into a user鈥檚 海角爆料 account shortly after a transaction is approved by the payment processor, as opposed to waiting as long as five days for the funds to be accessible.
To take advantage of Boost, small businesses can create a free checking account at novo.co, and once approved, integrate with Stripe from within the 海角爆料 website or mobile apps. 海角爆料 can approve accounts within two days, and customers can set up the 海角爆料 integration with Stripe immediately.
海角爆料 plans on launching Boost on additional platforms over the next year. To learn more, visit 海角爆料 Boost.
Announcing Kevin Phillips
鈥淎s 海角爆料 looks at its next stage of growth, we鈥檙e taking the small-business-centric principles that we used to design our award-winning checking account, and creating a financial platform that brings incredible functionality and user friendliness to all aspects of small business finance,鈥 said Rangel. 鈥淭hat鈥檚 why we鈥檙e thrilled to bring on Kevin Phillips, a true pioneer in the small business lending space who developed one of the world鈥檚 most successful lending platforms from the ground up. As EVP of Lending at 海角爆料, Kevin will create lending products that truly put small businesses first.鈥
Phillips is a world-renowned senior executive with a record of building high-growth start-ups as well as leading large, complex organizations. In 2011, Phillips was one of the first executives to join the Kabbage team, and over a decade built the company into one of the world鈥檚 most successful small business lending platforms. During his tenure at Kabbage, Phillips held multiple leadership positions, including CTO, CFO, and Head of Corporate Development. Prior to Kabbage, Phillips held C-level roles at a number of fast-growing technology startups, including CEO of Support Center Technologies and ZapMedia, COO and CFO at Scientific Intake, and CIO at S1. Phillips received his MBA from Georgia State University.
鈥淰irtually every small business fintech company markets themselves as being 鈥榞reat鈥 for their customers, but very few are successful in building out products and services that stay true to their mission,鈥 commented Phillips. 鈥満＝潜 is one of the rare exceptions. The company already has a history of finding innovative, business-friendly ways to improve cash flow, and I look forward to expanding these cashflow-improving efforts in the coming years.鈥
Phillips joins 海角爆料 at a time of significant growth for the company. 海角爆料 has surpassed $8 billion in lifetime small business transactions. Over the last year, 海角爆料 has also raised more than $130 million from leading fintech investors like Stripes Group and Valar Ventures, and added more than 100,000 new small business customers.
About 海角爆料
海角爆料 Platform, Inc. (鈥満＝潜镶) is the powerfully simple checking account and financial technology platform built for small businesses. To learn more, visit www.novo.co. 海角爆料 Boost and early availability of funds are governed by the program terms and conditions outlined here.
Disclosure
海角爆料 is a fintech, and not a bank. 海角爆料 acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the 海角爆料 platform are provided by Middlesex Federal Savings, F.A.
Middlesex Federal Savings, F.A. is a federal savings bank and an FDIC-insured depository institution (FDIC Certificate 28368). Deposits made at Middlesex Federal Savings, F.A. through the 海角爆料 platform receive FDIC insurance protection on a pass-through basis up to the applicable legal limit. When determining the amount of your deposits covered by FDIC insurance, please note all deposits you make through the 海角爆料 platform will be aggregated with all deposit accounts of the same ownership and/or vesting held at Middlesex Federal Savings, F.A. and Middlesex Federal Savings, F.A. brands. Additional information regarding FDIC insurance coverage is available at .
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