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IAMI, February 16, 2022 — Novo, the powerfully simple small business banking platform sponsored by Middlesex Federal Savings, F.A., today announced that the company has hired Sam Davidson as General Counsel.
“Sam brings to Novo an extraordinary understanding of legal and regulatory nuances of emerging fintech products, and he will play a critical role in Novo’s growth in 2022 and beyond,” said Michael Rangel, CEO of Novo. “Everything we do at Novo is focused on helping small businesses succeed. With Sam’s leadership, Novo will be at the forefront of the legal and regulatory matters that are designed to protect our customers.”
Davidson brings to Novo significant experience applying federal and state laws and regulations to fintech companies. He joins Novo from N26 where he was U.S. General Counsel. Prior to N26, Davidson was Chief Compliance Officer at a New York-based private bank. Davidson received his J.D. from St. John’s University School of Law.
“In recent years, I’ve encountered various fintech products that truly enhance people’s quality of life,” said Davidson. “Novo clearly fits into this category, and I couldn’t be more excited to join the Novo team leading Novo’s legal strategy to unlock further innovation and improve our users’ experience.”
Davidson is joining Novo during a time of significant growth for the company. Novo has surpassed $6 billion in lifetime transactions — processing more than $5 billion in transactions in 2021 alone, and entering 2022 with a run-rate transaction volume of more than $7 billion. Over the last year, Novo also opened a new headquarters in Miami, announced a number of new features for its digital platform, and received multiple awards, including CNBC’s “Best Business Checking Accounts,” Money Magazine’s “Best Business Checking Accounts of 2021,” and North American winner of The Banker’s “Innovation in Digital Banking Awards.”
Novo Platform, Inc. (“Novo”) is the powerfully simple banking platform for small businesses. To learn more, visit www.novo.co.
Novo is a fintech and not a bank. Novo acts as a service provider to Middlesex Federal Savings, F.A., and the deposit and banking products obtained through the Novo 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 Novo 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 Novo 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 www.fdic.gov.
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