Cross-border consumer credit reporting startup Nova Credit has raised $50m in a Series B equity funding round led by Kleiner Perkins.
Kleiner Perkins was joined by Canapi Ventures, Sound Ventures and existing investors Index Ventures, General Catalyst, and Nyca Partners.
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The firm intends to use the fresh capital to improve immigrants’ access to credit.
It has been reported that 55% of US population growth is driven by immigrants. This figure may grow to 80% by the year 2050.
Nova Credit enables immigrants from 11 countries to share international credit history.
It includes countries like Australia, Canada, India, Mexico, and the UK with banks, lenders and telecommunications companies.
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By GlobalDataKleiner Perkins partner Ilya Fushman said: “Credit is fundamental to economic success. Nova Credit is democratising access to credit globally and we’re delighted to lead the Series B.”
Canapi Ventures managing partner Gene Ludwig said: “We’re thrilled to participate in Nova Credit’s Series B round.
“In a competitive financial services industry with shifting demographics, developing a strategy to attract the growing newcomer segment has become a strategic necessity for banks to defend and grow market share.
“Nova Credit stands out as the only enduring solution to financial access for the millions of newcomers who come to the U.S. each year.”
The firm’s Credit Passport technology translates foreign credit data into a US-equivalent score on a real-time basis.
Nova Credit’s underwriters use this real-time data to instantly serve newcomers who apply for credit products such as credit cards and loans.
Nova Credit CEO Misha Esipov said: “Nova Credit is enabling millions of newcomers who have hard-earned credit abroad to access financial services more equally in the US.
“Migration is an incredibly vulnerable period of transition and through the Credit Passport we’ve made that experience more safe and welcoming.”
