Nova Credit’s Impressive $45M Series C Funding A Deep Dive

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Nova Credit - Bring your credit history

A New Era for Nova Credit

Nova Credit, a pioneering data analytics firm, has successfully secured $45 million in its Series C funding round. This significant capital injection will empower the company to expand its product range beyond just cross-border credit reporting. The primary focus will be on scaling Cash Atlas™, which stands out as the industry’s premier solution for cash flow underwriting and verification of income and employment.

Harnessing Open Finance Data

For years, open finance data has been accessible, but the challenge has been in its effective utilization. Nova Credit aims to transform this by offering a suite of products that can enhance customer onboarding and credit workflows for lenders. Their vision is to assemble this data in a manner that’s easy for lenders to use, thereby improving their processes.

Milestones and Achievements

Since its Series B funding in 2020, Nova Credit has witnessed a tenfold increase in its revenues. The company has also forged partnerships with industry giants like HSBC, Verizon, and Scotiabank. Their international expansion strategy has been aggressive, with product offerings now reaching countries like Canada, the U.K., the U.A.E., and Singapore. The start of 2023 saw the company tripling its volumes, a testament to its growth trajectory.

The Power of Open Finance

Open finance has revolutionized the way businesses understand their customers. It offers a more personalized approach, especially beneficial for cash flow underwriting. This method is particularly useful for over 60 million consumers who are either new to credit, new to a country, or have a thin credit file. The potential of cash flow underwriting can be fully realized with the right set of tools, infrastructure, and analytics.

Nova Credit’s Legacy and Vision

For over seven years, Nova Credit has been at the forefront of leveraging open finance. Their Credit Passport® initiative has built data pipelines connecting credit bureaus globally. This initiative translates diverse data schemas into FCRA-compliant reports, enabling lenders to cater to new-to-country populations. Their proprietary analytics layer ensures that credit professionals can derive value from these new data sources, all within a stringent compliance framework.

A Word from the CEO

Misha Esipov, the Co-Founder and CEO of Nova Credit, emphasized the company’s commitment to harnessing consumer-permissioned data. He highlighted their aim to enable reputable businesses to approve more customers without compromising on risk and compliance standards. With the new capital, the company is poised to address long-standing industry challenges and drive innovation.

Backing from Industry Leaders

Nova Credit’s vision and strategy have garnered support from leading investors. Canapi Ventures leads the pack, with other notable investors like General Catalyst, Index Ventures, and Kleiner Perkins showing their confidence in Nova Credit’s potential.

Nova Credit is poised to redefine the credit landscape with its unique blend of data analytics, compliance, and innovative solutions. Their recent funding and strategic partnerships underscore their commitment to harnessing the power of open finance for the benefit of both consumers and lenders.

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