US-based FinTech Nova Credit expands to Europe
Nova Credit, the San Francisco-based FinTech, is betting that Europe will be the next place to set up shop, the company announced on Tuesday (April 12).
The cross-border credit bureau said it will launch in the UK first and plans to eventually serve the European market.
Co-founder Nicky Goulimis will serve as chief executive of Nova Credit UK; Collin Galster will manage strategic operations; and Matt Davies has been hired as UK Market Development Manager.
The company’s mission is to provide financial inclusion to creditworthy immigrants. When they arrive in a new country, these consumers do not have a credit history. As a result, they struggle to access credit cards, car financing, or phone contracts. Additionally, they must pay up to six months rent up front or have a co-signer to secure an apartment.
Since launching in 2016, Nova Credit said it has partnered with credit bureaus in more than 20 countries to standardize immigrant credit data in a form that would be accepted by U.S. banks and FinTechs.
So far, the company has unlocked access to over 2 billion credit profiles. The data enables banks, credit card and telecommunications companies as well as tenant screening companies in the United States to underwrite products for people who would have been excluded from obtaining credit.
“Until Nova Credit, there was no standardized way for lenders to communicate with credit bureaus around the world,” Goulimis said in a statement..
In December, American Express announced that it would work with Nova Credit to provide expanded access to credit for residents of Brazil, the Dominican Republic, Kenya and Nigeria who moved to the United States.
Read more: Amex and Nova Credit Expand Credit Partnership to More U.S. Immigrants
Because international credit histories are not always accepted by organizations in the United States, this service offers immigrants a new way to build consumer credit.