Bank On It Episode 441 Michael Rangel from Novo
Sep 2, 2021
Michael Rangel, Co-founder and CEO of Novo, shares insights on creating a digital banking platform tailored for small business owners and freelancers. He discusses the unique challenges faced by very small businesses and how Novo addresses their needs in a competitive landscape. Rangel reflects on his entrepreneurial journey, emphasizing resilience through the pandemic and learning from childhood ventures. He even muses about spending time with innovative figures like Elon Musk, drawing inspiration for future successes.
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Novo's Niche
- Novo focuses on the underserved small business market with annual revenue between $25,000 and $500,000.
- This segment is often overlooked by other fintech companies targeting higher-growth startups.
Cost Advantage
- Novo built its core infrastructure, avoiding banking-as-a-service platforms.
- This lowers costs, allowing them to serve smaller businesses profitably.
Bootstrapping and India
- Michael and Tyler bootstrapped Novo for over two years, even living out of carry-on bags.
- They built a remote team in India, starting with one hire and expanding to over 70 employees.