Nova Credit has raised USD 35 million in a Series D funding round led by Socium Ventures to accelerate the growth of its platform.
The initiative comes as cash flow underwriting reaches a low point, with enders, property managers, and financial service providers recognising that traditional credit bureau data alone doesn’t offer a complete picture of a consumer’s financial health. Cash flow underwriting offers a real-time view of financial behaviour, allowing businesses to respond in a timely manner and accelerate growth.
Accelerate cash flow underwriting development
Nova Credit believes the industry is in the middle of a transformation in how financial institutions and rental housing operators enable credit decisioning. As traditional bureau data is unreliable and misses a significant part of a customer’s financial behaviour, it offers insufficient information for today’s market. Cash flow underwriting offers clarity for lenders and property managers who seek to grow responsibly while serving customers who've been previously misunderstood by legacy systems. The funding enables the company to support its platform’s infrastructure, analytics, and FCRA compliance, making real-time financial data accessible and reliable.
Since its Series C funding round in 2023, Nova Credit has gained momentum across multiple verticals, deepening its collaborations with institutions such as MoneyLion, Imprint, and SoFi, while expanding into property management through integrations with platforms such as Yardi, AppFolio, MRI Software, and Entrata. This multi-aggregator approach and data coverage helped the company reach its current growth.
The Series D round was led by Socium Ventures with participation from existing investors Canapi Ventures, Kleiner Perkins, General Catalyst, Index Ventures, Y Combinator, NAVentures, National Bank of Canada’s corporate venture capital arm, Harmonic Growth Partners, Radiate Capital, and Gaingels.
The growing industry shift towards more comprehensive financial data analytics that go beyond traditional credit scoring is exemplified by Nova Credit’s recent partnerships with Chase, PayPal, and Yardi, which will deploy Nova Credit’s cash flow underwriting solution, Cash Atlas, across their lending and tenant screening operations. In the past years, the company has also added to its board, reflecting its commitment to continuous development and growth. The company’s aim remains to navigate the evolving regulatory requirements responsibly while improving customer credit and housing solutions.
