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News

Nova Credit raises USD 45 mln in Series C funding

Thursday 19 October 2023 10:49 CET | News

Nova Credit, a data analytics company enabling businesses to grow responsibly by harnessing alternative credit data, has raised USD 45 million in Series C funding. 

This capital is intended to help Nova Credit broaden its product offering beyond cross-border credit reporting. The funding will also help scale Cash Atlas, a solution for cash flow underwriting and verification of income and employment. The expansion is set to enable the company’s partners to grow within risk appetite by incorporating an expanded suite of Open Finance data pipelines, datasets, category-defining analytics, and compliance applications. 

Canapi Ventures led the funding round, which also included participation from existing backers such as Kleiner Perkins, General Catalyst, Index Ventures and Y Combinator, as well as new investors such as Avid Ventures, Geodesic Capital, Harmonic Capital, Radiate Capital, and Socium Ventures (Cox Enterprises). 

Nova Credit, a data analytics company enabling businesses to grow responsibly by harnessing alternative credit data, has raised USD 45 million in Series C funding.

The press release highlights that since raising its Series B in 2020, Nova Credit has grown revenues by 10x and partnered with various companies. The company has also accelerated international expansion, bringing its products to service newcomer corridors destined for Canada, the UK, the UAE, and Singapore. With expertise working with consumer credit data, Nova Credit aims to introduce a whole new range of solutions, from new-to-credit and thin-file underwriting to customized KYC, and verification solutions.  

Cash flow underwriting can be a powerful application of Open Finance that fills in the gaps where traditional credit reporting is limited or absent to underwrite over 60 million new-to-credit, new-to-country, and other thin-file consumers. However, unlocking the full potential of cash flow underwriting requires capabilities that must be purpose-built for credit and compliance professionals. Central to these capabilities are bank-grade infrastructure and analytics that generate differentiated, reliable, and compliant insights from datasets across many consumer, alternative, and traditional sources. 

Through the Credit Passport, the company has built data pipelines into credit bureaus around the world, translating a range of data schemas, attributes, and scores into FCRA-compliant reports for lenders to reach new-to-country populations. Along the way, it built a proprietary analytics layer that helps credit professionals extract value from new data sources, all within a compliance framework that meets the regulatory and security standards of financial institutions. 

About Nova Credit 

Nova Credit is a data analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company leverages its set of data sources, bank-grade infrastructure, compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics. Nova Credit aims to serve as the bridge between data and credit excellence, providing a comprehensive suite of solutions designed to give lenders a competitive edge in the Open Finance era. Its cross-border credit solution, Credit Passport, and cash flow underwriting and verification solution, Cash Atlas, are used by organisations like American Express, Verizon, HSBC, SoFi, Scotiabank, and Yardi. 

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Keywords: credit card, credit access, funding, Open Finance, cash flow
Categories: Payments & Commerce
Companies: Nova Credit
Countries: World
This article is part of category

Payments & Commerce

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Nova Credit

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