Nova Credit
Nova Credit, based in San Francisco, is a fintech company specializing in credit and lending solutions, particularly for immigrants and 'credit invisibles'. The company has raised $45M in Series C financing and is expanding its services internationally.
Company Overview
Nova Credit, headquartered in San Francisco, CA, USA, operates in the fintech industry with a specialized focus on credit and lending. The company was launched in 2016 and has grown to a team of 100 members. Nova Credit serves a range of industries including banks, fintech, credit unions, and auto lenders. The company aims to provide systemic solutions to credit by improving access to the global economy.
Products Offered by Nova Credit
Nova Credit offers several key products designed to assist various consumer and business needs. These include Credit Passport®, Cash Atlas™, and Income Navigator. These products help in reaching new consumers, multi-source data orchestration, reducing portfolio risk, and automating income verification. Nova Credit's innovative solutions target the financial exclusion of migrants and other underserved populations.
Expansion and Partnerships
Nova Credit has expanded its operations to Canada and partnered with Scotiabank to further its reach. It has also built a partnership with HSBC, deploying technology aimed at banking immigrants. These partnerships underscore Nova Credit's commitment to improving access to credit and financial inclusion for newcomers in different regions.
Funding and Growth
Nova Credit raised $45 million in its Series C financing round. As part of the Y-Combinator S16 batch, Nova Credit has gained significant traction and recognition in the fintech space. The company's growth is further highlighted by its recognition in lists such as '23 people who will matter in banking in 2023' and '7 Best Ways to Build Credit if You're New to the U.S.'
Impact on Lending and Credit Invisibles
Nova Credit is actively addressing the challenges lenders face in adopting alternative data. Reports indicate that alternative financial data could help 'credit invisibles'—individuals who lack traditional credit history. Nova Credit's initiatives and tools aim to facilitate better inclusion of these individuals in the financial system, tackling the issue of financial exclusion faced by many, particularly migrants.