Black-owned fintech Novae intros online banking for unbanked

Novae LLC, a Black-owned fintech, has introduced online banking specifically for the unbanked and underbanked. The service offers virtual and physical debit cards with no setup fees, minimum balance, monthly or overdraft fees, according to a press release.

It only takes five minutes to setup an account, and customers can load cash onto their debit cards through direct deposit paycheck, transfer from Paypal or other banks or at Walgreens, CVS or Dollar Tree locations, according to the release.

"I hope this will make it easier than ever before for people to access online banking services," Reco McCambry, CEO, Novae, said in the release. "This will make it easier for users to do business and make purchases and investments that may be off-limits to people without bank accounts. Together, we can work toward a more prosperous future for everyone."

Customers can also earn up to 10% cashback rewards on purchases.