Financial regulators in the UK have given the green light for Nova Credit

Financial regulators in the UK have given the green light for Nova Credit #

Nova Credit UK, a branch of Nova Credit, has been given permission by the Financial Conduct Authority (FCA) to give credit references in the UK. The fintech company aims to expand immigrants' access to financial products and services in the UK with its Nova Passport solution.

Nova Credit has its main office in the United States. It is a consumer credit reporting agency with an international focus on giving refugees and immigrants more access to credit and financial services. Using API-based credit risk technology, this fintech receives consumer credit information from the home country and converts it into a score that can be used by lenders in the new country.

Nova Credit said in April 2022 that it wanted to grow across Europe, starting with the UK.

According to Nova Credit co-founder and CEO Misha Yesipov: “The UK is home to one of the world’s largest and most diverse immigrant communities; one in seven people in the UK was born overseas. We are thrilled to bring Nova Credit across the Atlantic to support the next generation of UK-bound immigrants.”

Among the company’s clients around the world are American Express, HSBC, Verizon, the UN Federal Credit Union, and Sofi. In early 2020, Nova Credit closed a $50 million Series B equity investment round, led by law firm Kleiner Perkins.

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