Novo names Jackson Barnes VP, credit

“The majority of today’s small businesses — especially those with under $1 million in annual revenue — have extremely limited options when it comes to accessing the credit they need to grow their businesses,” said Michael Rangel, founder and CEO at Novo. “Novo is committed to giving small businesses faster and more affordable access to capital, which is why we’re expanding our credit team. As part of this expansion, I’m thrilled to announce Jackson Barnes. Throughout his career, Barnes has brought numerous impactful credit products to market, significantly benefiting consumers and businesses alike.”

Barnes brings to Novo more than 15 years of experience in credit and risk management for leading banks and fintech companies. Prior to Novo, Barnes led marketing, lending product development and credit policy teams at Capital One’s US and UK Card businesses. Additional roles included head of credit and risk for a venture-backed credit card startup, and as a management consultant advising banks, lenders and investment firms on consumer lending and retail banking strategy.

“As the son and son-in-law of career small business owners, I can see Novo has done an incredible job of building a fintech platform that truly puts the needs of small business owners first,” said Barnes. “I will approach the development of Novo’s credit products with this same emphasis on enabling small businesses to grow successfully by responsibly accessing capital when and how they need it.”

At Novo, Barnes will lead Novo’s efforts to design new credit solutions tailored to small businesses. Additionally, Barnes will oversee Novo Funding, which gives small businesses a fast and flexible way to access working capital. Novo launched Novo Funding in 2023 with a $125 million facility from Victory Park Capital, and has since originated more than $100 million in working capital for small businesses.