Nova Credit provides a unified platform that aggregates consumer-permissioned credit data from international bureaus, bank data aggregators, and payroll systems to enhance credit risk assessments. This technology enables businesses to efficiently underwrite newcomers and underserved segments, improving approval rates while maintaining risk management standards.
Funding
$124.4M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+8Founders
Product
Problem
Newcomers to a country often lack a domestic credit history, hindering their access to financial services like credit cards, loans, and even essential services like mobile phone plans. Traditional credit risk assessment models fail to accurately evaluate these individuals, leading to higher denial rates and limited financial inclusion.
Solution
Nova Credit provides a unified platform that aggregates consumer-permissioned credit data from various international and alternative sources, enabling businesses to better assess the creditworthiness of individuals with limited or no U.S. credit history. The platform integrates data from international credit bureaus, bank data aggregators, payroll systems, and document data to create a comprehensive financial profile. This allows businesses to efficiently underwrite newcomers and underserved segments, improving approval rates while maintaining risk management standards and expanding their reach to new customer bases. The platform also facilitates automated income verification and fraud prevention through source-based data and accurate debt-to-income ratios.
Target Audience
The primary target audience includes financial institutions, lenders, and service providers (e.g., mobile carriers) seeking to expand their customer base by effectively underwriting newcomers and individuals with limited U.S. credit history.
Features
- Credit Passport®: Translates international credit data into a U.S.-equivalent credit report.
- Cash Atlas™: Analyzes bank transaction data to improve credit risk assessment.
- Income Navigator: Automates income verification with increased coverage and reduced fraud.
- Access to a network of 26+ data sources, including international credit bureaus, bank data aggregators, and payroll systems.
- Consumer Reporting Agency (CRA) compliance under the Fair Credit Reporting Act (FCRA).
- Expert analytics and guidance from a team specializing in credit risk and lending.
- Platform designed to predict creditworthiness by transforming new data sources into proven risk insights.