1 00:00:01.600 --> 00:00:08.300 The fintech 2 00:00:07.300 --> 00:00:10.500 movement in Miami is exploding and 3 00:00:10.500 --> 00:00:13.700 one company dedicated to make sure small businesses understand 4 00:00:13.700 --> 00:00:16.600 how to survive in a competitive environment is 5 00:00:16.600 --> 00:00:19.700 Novo. My name is Tyler Mack Tire. I'm with Novo. I'm 6 00:00:19.700 --> 00:00:22.700 a one of the co-founders and CTO. 7 00:00:22.700 --> 00:00:25.200 I'm Michael Rangel. I'm the 8 00:00:25.200 --> 00:00:28.300 co-founder and CEO of novoico and Tyler met in 9 00:00:28.300 --> 00:00:31.100 the early 2000s here in Miami a small 10 00:00:31.100 --> 00:00:34.400 business owners. They're experience help them create a solution for an 11 00:00:34.400 --> 00:00:38.100 ongoing problem small businesses face Nobles a 12 00:00:37.100 --> 00:00:40.800 new way for small businesses to essentially 13 00:00:40.800 --> 00:00:43.400 access banking services and really understand how and 14 00:00:43.400 --> 00:00:46.000 where they're spending their money connect to all the tools that they need 15 00:00:46.300 --> 00:00:49.600 to run their small business. We said what if we can take that 16 00:00:49.600 --> 00:00:52.200 one size fits all approach and actually flip it 17 00:00:52.200 --> 00:00:52.600 on its head 18 00:00:53.300 --> 00:00:54.100 what if we can make 19 00:00:54.400 --> 00:00:58.300 More like a like a custom fit suit experience right 20 00:00:57.300 --> 00:01:00.400 where you're signing up for your bank account 21 00:01:00.400 --> 00:01:03.500 and we're learning about you your business how you 22 00:01:03.500 --> 00:01:06.400 do your business how you process payments into your account 23 00:01:06.400 --> 00:01:09.800 where the money is going out of the account and we create 24 00:01:09.800 --> 00:01:13.000 all of these Integrations in our ecosystem strategy. 25 00:01:12.300 --> 00:01:15.200 We're just bolted on the founders say they 26 00:01:15.200 --> 00:01:18.000 have stayed with the same mindset since the start. So make sure 27 00:01:18.400 --> 00:01:21.700 small business owners understand where their money is going and how 28 00:01:21.700 --> 00:01:24.400 it's being spent today's day and age 29 00:01:24.400 --> 00:01:27.800 when you're using all different tools like Gusto wise 30 00:01:27.800 --> 00:01:31.500 QuickBooks Etc. We thought well, why 31 00:01:30.500 --> 00:01:33.400 isn't there a small business bank that allows 32 00:01:33.400 --> 00:01:36.500 you to connect all these different tools and really understand how and 33 00:01:36.500 --> 00:01:39.200 where you're spending your money and on top of that speed up 34 00:01:39.200 --> 00:01:42.300 those payments for you. And so that way you can get money from 35 00:01:42.300 --> 00:01:45.100 one place to another without having the tax of the US 36 00:01:45.100 --> 00:01:48.100 Financial System since 2020 the growth of small business 37 00:01:48.100 --> 00:01:51.300 owners has increased and Noble says they've had to keep 38 00:01:51.300 --> 00:01:54.200 up with the demand that means adjusting how they do business. 39 00:01:54.400 --> 00:01:57.500 You had eight million small businesses started in last two 40 00:01:57.500 --> 00:02:00.300 years, right? And today we believe 41 00:02:00.300 --> 00:02:03.700 that that also is going to happen but these stats they underline one 42 00:02:03.700 --> 00:02:06.400 really really key important thing that we believe in that 43 00:02:06.400 --> 00:02:09.400 Novo is that when times gets tough when you 44 00:02:09.400 --> 00:02:12.300 can't go out and find a job when you get laid off Etc in 45 00:02:12.300 --> 00:02:15.300 this economy the American people they fall back 46 00:02:15.300 --> 00:02:17.800 on what they know best, and that's entrepreneur. 47 00:02:18.800 --> 00:02:21.500 Just being an entrepreneur trying to figure it out being the 48 00:02:21.500 --> 00:02:24.400 underdog and saying I can create a job instead of 49 00:02:24.400 --> 00:02:27.300 take one. And as you continue doing more research and we 50 00:02:27.300 --> 00:02:29.900 continue connecting we continue talking we're like man. 51 00:02:31.300 --> 00:02:34.300 The leading cause for business failure in the US is poor cash management like 52 00:02:34.300 --> 00:02:34.700 hmm. 53 00:02:35.700 --> 00:02:38.200 Like okay I get that that's logical that makes 54 00:02:38.200 --> 00:02:41.900 sense. But it seems like there should probably be something to help small businesses defend 55 00:02:41.900 --> 00:02:44.500 against that with the increase. The technology has 56 00:02:44.500 --> 00:02:47.000 also changed. It also means that we're going to 57 00:02:47.100 --> 00:02:50.300 be able to build so many great and amazing products that 58 00:02:50.300 --> 00:02:53.800 helps service a portion of the market a massive 59 00:02:53.800 --> 00:02:56.300 long tail that big Banks just 60 00:02:56.300 --> 00:02:59.800 don't care about and so we're gonna make Taylor Made products for 61 00:02:59.800 --> 00:03:02.800 those micro businesses when they essentially 62 00:03:02.800 --> 00:03:05.300 were forced into personal applications. Like I was 63 00:03:05.300 --> 00:03:08.800 from mint.com understand my business expenses or 64 00:03:08.800 --> 00:03:11.100 be forced into this real clunky, you know, 65 00:03:11.100 --> 00:03:14.400 40 year old application that looked like I was like typing into 66 00:03:14.400 --> 00:03:15.800 a Doss like terminal 67 00:03:16.400 --> 00:03:19.300 and so we're really really excited about all this new 68 00:03:19.300 --> 00:03:22.300 stuff that we're going to be able to do so we can allow for these small 69 00:03:22.300 --> 00:03:25.400 business owners to spend more time in the front office than working 70 00:03:25.400 --> 00:03:28.500 on their back office as for the future Tyler and 71 00:03:28.500 --> 00:03:31.600 Michael say they plan a stay in Miami and our optimistic 72 00:03:31.600 --> 00:03:34.700 about what's to come Miami is really stepped up 73 00:03:34.700 --> 00:03:37.300 as I said before Michael and I met in Miami 74 00:03:37.300 --> 00:03:40.600 back in 2000, you know the 2000s 75 00:03:40.600 --> 00:03:43.900 I would say, I don't remember the exact year, but 76 00:03:44.800 --> 00:03:47.800 Since then Miami is completely changed. My the 77 00:03:47.800 --> 00:03:51.700 ecosystem name is grown tremendously. There's so 78 00:03:50.700 --> 00:03:53.400 many more Tech Founders here. There's 79 00:03:53.400 --> 00:03:56.400 so much more Talent here. There's so much more engineering to 80 00:03:56.400 --> 00:03:59.400 sign everything. Let's talk about the future of Nova. What 81 00:03:59.400 --> 00:04:02.200 is in the future for Noble for the company and the products 82 00:04:02.200 --> 00:04:05.600 what excites me most about next year is that 83 00:04:06.700 --> 00:04:09.100 I believe a lot of the foundation that we've laid. 84 00:04:09.900 --> 00:04:12.200 Is going to start becoming more apparent to 85 00:04:12.200 --> 00:04:12.900 the broader Market. 86 00:04:13.900 --> 00:04:16.500 Where we're going to start embarking into a category 87 00:04:16.500 --> 00:04:19.100 of our own where people stop putting Nova just 88 00:04:19.100 --> 00:04:21.300 in the in the Challenger Bank bucket. 89 00:04:21.900 --> 00:04:24.400 Right just the application and the 90 00:04:24.400 --> 00:04:27.400 debit card, right? All of our strategies are 91 00:04:27.400 --> 00:04:30.300 going to start acting in concert with each other and start 92 00:04:30.300 --> 00:04:33.200 building upon and reinforcing each other in a 93 00:04:33.200 --> 00:04:36.300 more visible way next year 94 00:04:36.300 --> 00:04:39.000 and Beyond and I think that that's really going to 95 00:04:39.400 --> 00:04:42.900 become like an interesting development a song 96 00:04:42.900 --> 00:04:43.100 goes on. 97 00:04:43.800 --> 00:04:46.400 in South Florida Johnny Fernandez the bank 98 00:04:46.400 --> 00:04:46.700 news