Nova Credit score has acquired $45 million in Collection C funding in a spherical led by Canapi Ventures.
The funding boosts Nova Credit score’s whole funding to $79 million.
Immediately’s funds will probably be used to broaden its product providing and scale its money movement underwriting and earnings verification device Money Atlas.
Borderless credit score knowledge firm Nova Credit score has introduced in $45 million in Collection C funding this week. The funding– which was led by Canapi Ventures with participation from Kleiner Perkins, Basic Catalyst, Index Ventures, Y Combinator, Avid Ventures, Geodesic Capital, Harmonic Capital, Radiate Capital, and Socium Ventures– boosts the corporate’s whole raised to $79 million.
The corporate will use the funds to broaden its product providing past cross-border credit score reporting and scale its money movement underwriting and earnings verification device Money Atlas. Together with Money Atlas, Nova Credit score additionally provides Credit score Passport, an API that interprets a world credit score report right into a local-equivalent credit score rating to permit newcomers to the U.S. to make use of the credit score rating of their dwelling nation.
To energy these two merchandise, Nova Credit score leverages open finance to investigate consumer-permissioned transaction knowledge for underwriting functions. With perception from a potential borrower’s money movement, the corporate can underwrite the greater than 60 million new-to-credit, new-to-country, and different thin-file customers.
“Open finance knowledge has been obtainable for many years, however the business has did not assemble it into a collection of merchandise that lenders can simply use to enhance their buyer onboarding and credit score workflows,” mentioned Nova Credit score Co-founder and CEO Misha Esipov. “For years, Nova Credit score has pioneered the usage of consumer-permissioned knowledge to allow the world’s most respected companies to approve extra prospects with out compromising their threat and compliance requirements.”
Nova Credit score has seen progress by way of revenues, companions, and geography since closing its $50 million Collection B spherical in 2020. Previously three years, the California-based firm has grown its income 10x and has added HSBC, Verizon, Scotiabank, Earnest, and Yardi to its associate roster, and has expanded its product attain to twenty nations exterior the U.S., together with Canada, the U.Okay., the UAE, and Singapore.
Sooner or later, Nova Credit score plans to introduce new options starting from new-to-credit and thin-file underwriting to personalized KYC and verification options. “Whereas cross-border credit score stays essential to our technique, we’re excited to broaden our providing and sort out a brand new set of business challenges lengthy unsolved,” defined Esipov. “This new capital fortifies our place to proceed being a reliable associate to the numerous banks and lenders we serve and accelerates the tempo of innovation in an business very a lot in want of change.”
Photograph by Dany Kurniawan
