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Nova Credit becomes UK’s first cross-border credit reference provider

On a mission to support the next generation of immigrants, Nova Credit has gained FCA approval to operate in the UK.

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Misha Espov/Nova Credit.

US-founded Nova Credit has received authorisation to become the UK’s first cross-border credit reference provider. 

The company, which supplies cross-border credit referencing technology to lenders and financial services providers, including Amex and HSBC, will now bring its “Nova Passport” technology to the UK.

With this, it hopes to make it “easier, faster and more equitable” for immigrants in the UK to gain access to credit products and services.

“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,” Nova Credit co-founder and CEO Misha Esipov said.

Bringing the company across from the US, Esipov Said Nova Credit is thrilled to support “ the next generation of UK-bound immigrants”.

“This critical consumer segment is the largest driver of the country’s population growth and is mission-critical to any business looking to maintain and grow market share,” he added.

Without access to past credit history, creditworthy individuals that immigrate to new countries are often automatically declined by lenders, which restricts access to credit-based products.

A consumer-permissioned credit bureau, Nova Credit says it is on a mission to accelerate financial inclusion for immigrants globally. 

With Nova Credit’s technology, UK lenders will be able to make real-time application approvals “responsibly” and “at a greater scale” to people who might otherwise be excluded.

The company has developed partnerships with credit bureaus in more than 20 countries since launching in 2016 and enabled millions of immigrants to use their foreign credit history when applying for new credit products.

Last April, Nova Credit announced it would be expanding into Europe, starting with the UK.

“Using the Nova Passport, UK lenders will be able to understand the financial history of consumers from over 20 countries and instantly use this information to make more fair and inclusive decisions,” Nova Credit UK non-executive director Collin Galster said.

“We’ve been thrilled by the reception we’ve received from the UK’s leading banks, fintechs, auto lenders and telecom providers, and look forward to announcing our first wave of partners in the coming months.”

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