Nova Credit raises $50m to help immigrants access credit

Nova Credit raises $50m to help immigrants access credit

Nova Credit, a US startup working to improve immigrant access to credit, has closed a $50 million Series B funding round led by Kleiner Perkins and joined by celebrities including U2 guitarist the Edge.

Canapi Ventures, Index Ventures, General Catalyst, Nyca Partners, Sound Ventures - founded by Ashton Kutcher and Guy Oseary - and baseball legend Alex Rodriguez also joined the round.

Immigrants drive 55% of US population growth, a figure that is projected to grow to 80% by 2050. Nova Credit enables these newcomers to share international credit history from 11 countries - including Australia, Canada, India, Mexico and the UK - with banks, lenders and telcos.

The firm's Credit Passport technology translates foreign credit data into a US-equivalent score and report in a format familiar to American underwriters. The data is delivered in real time, enabling banks to get credit cards and loans to immigrants quickly.

The new funding will be used to expand Nova's global reach.

Misha Esipov, CEO, Nova Credit, says: "The world has become increasingly globalised, with people moving around the world at an accelerating rate, yet credit history has been trapped within national borders.

"Nova Credit is changing that by enabling millions of newcomers who have hard-earned credit abroad to access financial services more equally in the US."

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