Nova Credit will provide its technology to UK companies

Nova Credit helps lenders get the data they need to evaluate immigrants seeking credit or loans. Now the company itself is going all over the world.

On Thursday, it was announced that Nova Credit UK, a subsidiary of the San Francisco-based Nova Credit, obtain approval from the Financial Conduct Authority to operate in the United Kingdom. This means that companies providing financial services in the UK will be able to combine credit information from other countries that Nova Credit has translated into information they can use to approve UK immigrants for credit and other products. .

Nova Credit, which was founded by Misha Esipov, helps financial service providers and lenders make credit decisions about immigrants with short histories in their new countries.

“Britain is home to one of the world’s largest and most diverse foreign communities,” it said Misha Esipov, together with the CEO of Nova Credit, in a press release. This group of customers is very important to any business looking to maintain and grow market share, he said.

Nova Credit was launched in the US in 2016. Since then, it has partnered with credit bureaus in more than 20 countries and uses its technology to convert this data into scores and reports that US lenders can use. then thinking is part of their decision making process. Its customers include American Express, HSBCVerizon, United States Federal Credit Union and SoFi.

The company previously announced its intention to expand to Europe in April 2022, and is seeking permission from the FCA to set up a store in the UK. safeguards that financial services companies must adhere to, including easy ways to exchange or cancel products and clear information about products and services that are not buried in fine print. The financial administration said at the time that companies will be given 12 months to implement the new rules for all new and existing products and services that are currently being sold.

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