Nova Credit has the necessary Financial Conduct Authority approvals to operate in the UK
UK bankers and financial services can now use Nova Credit’s Nova Passport technology to treat immigrants and other new people in the country more fairly by servicing their debt products on a similar level.
Nova Credit now brings affordability and access to lending services to 10 million-strong UK expats, months before new FCA rules come into effect.
Many UK businesses plan to install Nova Credit technology in the coming months
LONDON, January 19, 2023–(GOOD BUSINESS)–Nova Credit UK, a subsidiary wholly owned by Nova Credit, has received the necessary broad approval in order to provide credit information in the UK from the Financial Conduct Authority (FCA). Through his Nova Passport technology, the company aims to make it easier, faster and more equitable for UK immigrants to access credit products and services, which are often out of their reach.
Nova Credit UK’s parent company, US-founded Nova Credit, is an authorized consumer credit agency on a mission to accelerate financial inclusion for travelers worldwide. Since launching in 2016, the company has developed partnerships with credit bureaus in over 20 countries, allowing millions of immigrants to bring their foreign history with them when application for credit products. The company counts American Express, HSBC, Verizon, the United Nations Federal Credit Union and SoFi among its customers worldwide. Nova Credit announced its intention to expand in Europe, starting from the UK, in spring 2022.
Nova Credit’s technology unlocks consumer approval access to more than 2 billion credit accounts worldwide. By working with Nova Credit UK, UK financial services providers can now integrate credit reports from overseas agencies as part of their credit analysis.
Misha Esipov, Co-founder & CEO of Nova Credit, comments: “The UK is home to one of the world’s largest and most diverse immigrant communities; one in seven people in the UK were born abroad. We are delighted to bring Nova Credit across the Atlantic to support the next generation of British immigrants. This important group of consumers is the main driver of the country’s population growth and is vital to any business trying to maintain and grow market share.”
Collin Galster, Managing Director of Nova Credit UK, comments: “Using Nova Passport, UK lenders will be able to understand the financial history of customers from over 20 countries and quickly use this information to make better decisions direct and inclusive. leading banks, fintechs, car dealers and telecom companies, and look forward to announcing our first wave of partners in the coming months.”
Millions of famous people immigrate to new countries every year. Upon arrival, these newcomers leave years of debt history behind them, ‘stuck’ in the countries they left. Without access to their past history, lenders have no choice but to automatically decline or manually process their new loan applications. Finally, these people struggle to use credit products such as credit cards, car finance or phone contracts.
Blending deep relationships with credit bureaus around the world with API-driven financial technology, Nova Passport pull new people’s credit reports from the leading credit bureaus in their country of origin and convert them into an equivalent score and report for use by your lenders and financial services in their new country. Integrated and secure within the financial institution’s credit application process, Nova Credit UK’s technology enables users to Grants from the UK increase the approval of applications in a timely manner and to a greater extent to people who would otherwise be excluded from access to financial opportunities.
The immigrant population is one of the fastest growing in the UK. The 2021 Census revealed that 10 million people living in the UK today were born abroad and 40% of them moved to the UK in the last decade. Government figures show that each year more than 800,000 people are granted long-term visas to work or study in the UK. These figures support research from the Office for National Statistics which predicts that 100% of UK annual population growth is immigrants will come in 2035.
Matt Davies, Head of UK Market Development for Nova Credit, added: “There is a widespread appreciation within the UK financial community of the need to be more inclusive, and this trend will be accelerated this year when the FCA’s Consumer Duty rules are strengthened to help the Many financial services provide good results for their customers.”
About Nova Credit
Nova Credit is an authorized credit bureau whose products help businesses make the right decisions and understand millions of ‘thin files’, no accounts historical or newcomers from the country. Nova Credit UK is a wholly owned subsidiary of a Nova Creditand is authorized and regulated by the Financial Conduct Authority.
Of the Nova Passport (known as Credit Card™ outside of the UK) open credit bureau records to help businesses determine the number of newcomers to the country. Businesses partnering with Nova Credit to approve more applicants without further complications, and encourage customers to put their best foot forward in their applications.
In the US, various company information and specialized analytics are used by leading organizations such as American Express, Verizon, HSBC, SoFi and Yardi.
Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Venture and Canapi as well as management from Goldman Sachs, JPMorgan and Citi.
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