Nova Credit Named to the 2021 CB Insights Fintech 250 List
SAN FRANCISCO--(BUSINESS WIRE)--Oct 6, 2021--
Nova Credit, the fintech unlocking opportunities for those historically excluded from the credit system and companies looking to serve them, announced today that CB Insights has named Nova Credit to the fourth annual Fintech 250, a prestigious list of emerging private companies working on groundbreaking financial technology. This year’s list was unveiled on stage at CB Insights’ Future of Fintech conference in New York City.
More than one million immigrants arrive in the U.S. every year, according to the Pew Research Center, and it is predicted that immigration will drive 82% of U.S. new population growth by 2050. Yet lack of domestic credit history means millions of recent arrivals appear only as no-file or thin-file when applying for financial services. For newcomers who can’t obtain financial services, like access to credit cards or loans, their potential for success upon arrival is limited.
Nova Credit was founded to create a level-playing field for immigrants so they can start their financial journey in the U.S. on equal footing. The fintech does this by enabling newcomers to share their credit history from their home country with financial service providers, not only unlocking new opportunities for immigrants to the U.S. but also opening up a new consumer segment for credit card issuers and lenders. The real-time delivery of this reliable credit data enables data enables credit card issuers, lenders, property managers, telecommunications companies and other service providers to instantly serve immigrants faster and more fairly. The company has also expanded its services to support those within the U.S. with insufficient credit history to gain access to credit services and financial support.
“When we started Nova Credit, I could not have imagined the positive impact we would have on the lives of newcomers coming to the U.S. in such a short period of time,” said Nova Credit co-founder and CEO, Misha Esipov. “Our goal is to solve not just a financial services issue but a societal one that has long left millions of people out of the traditional financial system in the U.S. Greater financial access for newcomers makes the American dream a little bit more accessible for millions. Thank you to CB Insights for the recognition and congratulations to the fellow Fintech 250 startups.”
“This is the fourth class of the Fintech 250, and it’s also the most international, representing 26 countries. These 250 fintech startups are attacking an incredibly diverse array of financial services opportunities across 19 sectors, including digital banking, insurance, payroll, retail investing and more,” said CB Insights CEO Anand Sanwal. “After being named to the CB Insights Fintech 250 last year, the 2020 class saw 17 companies go public and 25 get acquired. They also went on to raise over $25B in additional financing and forged more than 380 new partnerships after being recognized. The Fintech 250 has a history of spotlighting the very best fintech companies, and this year is no different. We’re excited to see how these fintech startups disrupt and transform financial services in the years ahead.”
Through an evidence-based approach, the CB Insights Intelligence Unit selected the Fintech 250 from a pool of over 17,000 companies, including applicants and nominees. They were chosen based on several factors, including data submitted by the companies, company business models and momentum in the market and Mosaic scores, CB Insights’ proprietary algorithm that measures the overall health and growth potential of private companies.
About CB Insights
CB Insights builds software that enables the world’s best companies to discover, understand, and make technology decisions with confidence. By marrying data, expert insights, and work management tools, clients manage their end-to-end technology decision-making process on CB Insights. To learn more, please visit www.cbinsights.com.
About Nova Credit
Nova Credit unlocks financial opportunities for those historically excluded from the credit system. With an audacious vision for stitching together the world’s credit data into a single network, Nova Credit started by serving the financial needs of immigrants into the United States by enabling them to apply for financial services using their international credit history from more than 15 countries worldwide. The company has since expanded to support those with insufficient history to gain access to credit services. Nova Credit’s real-time delivery of this reliable data enables credit card issuers, lenders, property managers, telecommunications companies and other service providers to instantly serve immigrants faster and more fairly. Headquartered in San Francisco and built on a mission to power a fair and inclusive financial system for the world, the company was founded by immigrants and is backed by leading investors including Kleiner Perkins, General Catalyst and Sound Ventures. Learn more at www.novacredit.com.
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CONTACT: CB Insights
V2 Communications on behalf of Nova Credit
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TELECOMMUNICATIONS SOFTWARE FINANCE BANKING DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY SECURITY
SOURCE: Nova Credit
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PUB: 10/06/2021 11:00 AM/DISC: 10/06/2021 11:02 AM