Nova Credit

Nova Credit's History

Nova Credit was launched in 2016 and is headquartered in San Francisco, CA, USA. The company participated in the Y-Combinator batch S16, which helped it gain significant traction in the fintech industry. Over the years, Nova Credit has grown to a team of 100 employees and has expanded its operations to Canada, partnering with Scotiabank. The company raised $45M in Series C financing, further solidifying its position as a key player in the credit and lending sub-industry of fintech.

Nova Credit's Products

Nova Credit offers a suite of innovative products designed to improve access to the global economy and address financial exclusion. Key products include Credit Passport®, which helps newcomers to the U.S. build credit, Cash Atlas™, and Income Navigator. These products serve various industries such as banks, fintech companies, credit unions, and auto lenders. They also provide solutions for reaching new consumers, multi-source data orchestration, reducing portfolio risk, and automating income verification.

Nova Credit's Partnerships

Nova Credit has formed strategic partnerships to expand its reach and impact. One notable collaboration is with HSBC, where Nova Credit's technology is deployed to help bank immigrants, addressing financial exclusion among migrants. The company also expanded to Canada by partnering with Scotiabank. These partnerships underscore Nova Credit's commitment to improving access to financial services for underserved populations.

Nova Credit's Industry Impact

Nova Credit has been featured in several high-profile publications, highlighting its influence in the fintech industry. The company was listed in '23 people who will matter in banking in 2023' and '7 Best Ways to Build Credit if You're New to the U.S.'. Additionally, Nova Credit's work has been acknowledged in reports discussing the potential of alternative financial data to help 'credit invisibles'. The company's initiatives are paving the way for systemic solutions to credit and addressing the challenges lenders face in adopting alternative data.

Nova Credit's Mission

Nova Credit aims to build a systemic solution to credit that improves access to the global economy. The company focuses on providing financial inclusion for underserved populations, particularly immigrants and newcomers to the U.S. By offering products like Credit Passport® and partnering with major financial institutions, Nova Credit is working to make the financial system more inclusive and accessible for all.