Senior Manager of Procurement, Novo
Procurement
$120-190k
Digital banking platform for small businesses
Open for applications
Digital banking platform for small businesses
201-500 employees
Open for applications
$120-190k
201-500 employees
Company mission
To empower customers with their financial data and provide the most compelling banking experience possible.
Role
Who you are
- 10+ years of progressive experience in procurement, strategic sourcing, or supply chain management
- Attention to detail and operational excellence in overseeing vendor and procurement / supply chain processes for software / technology businesses
- Proven track record of delivering significant cost savings and value creation through strategic procurement initiatives
- Demonstrated experience managing procurement of information services, technology infrastructure, and strategic partnerships within a regulated industry
- Direct experience working in a fast-paced, high-growth fintech, financial services, or technology environment is highly preferred
- Deep expertise in procurement best practices, complex contract negotiation, and strategic supplier relationship management, particularly with fintech vendors and data providers
- Excellent leadership, communication, and interpersonal skills, with the ability to influence and collaborate effectively across all levels of the organization
- Proficiency with procurement software and enterprise resource planning (ERP) systems
- Demonstrated ability to manage multiple projects simultaneously and prioritize effectively in a dynamic environment
- Familiarity with regulatory compliance requirements relevant to fintech (e.g., data privacy, cybersecurity frameworks, third-party risk management)
- Demonstrated track record and desire to roll up his/her sleeves to be a “do-er” in an entrepreneurial environment where driving results with urgency matters and where the expectation is that leaders dive into the work first-hand
- Strategic thinker with a hands-on approach
- Proactive, self-motivated, and able to work independently and as part of a team
- High ethical standards and a commitment to transparency and integrity
- Adaptable and resilient in a dynamic business environment
- Reduce Novo procurement spend by leveraging strategic pricing and negotiation skills, coupled with a strong ability to research market comparables for both new deals and renewals
- Track and decrease average onboarding time for new vendors
- Drive high internal satisfaction with Novo cross-functional stakeholders across all relevant departments
What the job involves
- Novo is seeking a highly strategic and results-oriented Senior Manager of Procurement to lead our global procurement function
- This critical role, reporting directly to the Chief Commercial Officer, will be responsible for developing and executing procurement strategies that drive significant value, optimize spend, mitigate risk, and ensure the efficient acquisition of goods and services across the organization
- The ideal candidate will be a leader with a proven track record of implementing best-in-class procurement practices, and fostering strong, collaborative relationships with internal stakeholders and external vendors and partners
- You will play a pivotal role in shaping our operational efficiency and financial health, directly impacting our ability to innovate and scale within the fast-evolving fintech industry
- This is an opportunity to build, transform, and lead a function that is central to Novo's continued growth and success
- Strategic Sourcing & Category Management:
- Develop and implement comprehensive procurement strategies aligned with business objectives, focusing on cost reduction, quality improvement, and supply chain resilience
- Lead procurement and vendor relationships initiatives across various categories, including but not limited to:
- Technology & Software: Cloud services, SaaS platforms, cybersecurity tools, development software
- Information Services: Credit bureaus, data providers, analytics platforms
- Strategic Fintech Partners: Partner banks, payment processors, banking-as-a-service providers, lending platforms, and other critical ecosystem partners
- Professional Services: Legal, consulting, audit, marketing agencies
- General Corporate Services: Facilities, HR, travel
- Vendor Relationship Management:
- Ensure that vendor payments are approved on time and that renewals are flagged appropriately for cross-functional stakeholders well in advance of renewal dates
- Ensure high performance and compliance with key vendors and supplier terms
- Process Optimization & Technology:
- Drive the continuous improvement of procurement processes, policies, and systems to enhance efficiency, transparency, and compliance, and to ensure that we are managing risks, particularly around third-party risk management, in a regulated environment
- Evaluate and implement procurement technologies (e.g., e-procurement, spend analytics tools, contract lifecycle management systems) to automate processes and improve decision-making
- Ensure compliance with all relevant financial regulations, internal policies, and ethical standards
- Stakeholder Collaboration:
- Partner closely with internal stakeholders across all departments (Finance, Legal, Engineering, Product, Risk, Compliance, HR) to understand their needs and ensure procurement strategies support their objectives
- Act as a trusted advisor on procurement best practices, market insights, and third-party risk management within the fintech sector
- Risk Management:
- Identify and mitigate supply chain and third-party risks, including operational, financial, regulatory, and cybersecurity risks
Our take
While personal banking transactions are now very swift, these processes are frustratingly not as fast for business users. For smaller businesses, the costs of ensuring banking processes are well managed can be prohibitive, and keeping track of finances often utilises a wide range of apps.
Novo has created one app with a drag-and-drop interface to manage several financial apps in one place helping gain a clearer picture of transactional data more quickly. This is a developing market, providing both opportunity and competition from the likes of Lili, NorthOne, Brex and numerous other Neobanks.
Novo has racked up an impressive roster of SMB customers, and has seen billions of dollars in lifetime transactions. It is also well-funded, affording it the position to scale up its app partnerships whilst consolidating its market position.
Freddie
Company Specialist at Welcome to the Jungle
Insights
29% employee growth in 12 months
Company
Funding (last 2 of 5 rounds)
Nov 2022
$35m
SERIES B
Jan 2022
$90m
SERIES B
Total funding: $171.5m
Company benefits
- Work Life Balance - Set your own vacation days & enjoy flexible work options for a healthy work-life balance
- Modern Benefits - We invest in the holistic well-being of every team member by offering medical and mental health coverage, retirement assistance, and commuter benefits
- Professional Development - Grow your skills through in house training, online courses & industry conferences to ensure you're always ahead of the curve
- Workspace Your Way - Whether you're based in an office or working remotely, we provide the tools or financial support to make your workspace work for you
- We're A Fun Group - Be part of a diverse culture that believes in working hard and having fun at the same time!
- Cutting Edge Technology - Work with the latest tech to build a world-class product & transform SMB banking with our growing team
Company HQ
Flatiron District, New York, NY
Leadership
Michael Rangel
(Co-founder & CEO)Their background lies in operations, having previously worked for Fairholme Capital Management and Smith Barney.
Tyler Mcintyre
(Co-founder)MBA from Wharton. They are also an Angel investor.
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