Nova Credit Secures $45M Series C Funding for Product Expansion

  Nova Credit

International credit bureau, Nova Credit, has successfully secured $45 million in a Series C funding round. The funding aims to facilitate the development of new products for lenders who use alternative credit data.

Expanding Beyond Cross-Border Credit Reporting

The newly acquired capital is set to enable Nova Credit to expand its product range beyond cross-border credit reporting for consumers who are new to the country. The expansion will focus on cash flow underwriting and verification of income and employment through the company’s CashAtlas product.

Misha Esipov, the CEO and co-founder of Nova Credit, expressed his excitement to broaden the company’s offering and tackle long-standing industry challenges. Esipov emphasized the importance of alternative sources in generating reliable and compliant insights on personal consumer profiles, particularly where traditional credit reporting is inadequate.

Growth and Partnerships

Since its Series B round in 2020, Nova Credit has seen significant growth, with revenues increasing by 10 times. The company has also formed partnerships with several prominent companies, including HSBC, Verizon, Scotiabank, Earnest, and Yardi.

Nova Credit has also broadened its international reach, bringing its products to newcomer corridors in Canada, the UK, the UAE, and Singapore.

Funding Details

The latest funding round was spearheaded by Canapi Ventures. Other participants included existing backers General Catalyst, Index Ventures, Kleiner Perkins, Y Combinator, and Avid Ventures. New investors Geodesic Capital, Harmonic Capital, Radiate Capital, and Socium Ventures also supported the round.