Overview

Nova Credit helps newcomers to the U.S. by translating their international credit histories into standardized credit reports through its service called Credit Passport®. This allows financial institutions to assess the creditworthiness of these individuals, enabling them to access products like credit cards and loans. Additionally, Nova Credit offers Cash Atlas™, which uses bank transaction data to improve risk prediction for consumers with limited credit histories. The company aims to assist financial institutions in expanding their customer base and making informed lending decisions.

Simplify's Take

What believers are saying

• Increased open banking adoption boosts demand for Nova Credit's alternative credit solutions.
• Rising global immigration rates expand the market for Nova Credit's cross-border services.
• Digital identity verification tech supports Nova Credit's international credit data initiatives.

What critics are saying

• Equifax's new program may reduce Nova Credit's market share in cross-border credit.
• Partnerships in Canada may lead to increased regulatory scrutiny and compliance challenges.
• Nova Credit Platform launch poses operational risks in managing diverse data sources.

What makes Nova Credit unique

• Nova Credit offers unique cross-border credit solutions like Credit Passport® and Cash Atlas™.
• The company leverages alternative credit data to fill gaps in traditional credit analytics.
• Nova Credit partners with major institutions like American Express and HSBC for credit solutions.

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Funding

Total Funding

$111.2M

Meets

Industry Average

Funded Over

4 Rounds

Notable Investors:

Kleiner PerkinsGeneral CatalystY CombinatorFirst Round Capital

Notable Investors:

Kleiner PerkinsGeneral CatalystY CombinatorFirst Round Capital

$45,000,000

Series C

Oct 2023

Series C funding is usually for startups that are doing well and are looking for more money to fuel major growth, such as acquiring other companies, expanding into global markets, or launching new product lines. Investors typically include larger venture capital firms and private equity.

Series C Funding Comparison

Below Average

Industry standards

Ind Avg. $50M

$16M

$40M

$45M

$50M

$62M

$100M

View all funding stages