Nova Credit, a data analytics company, has raised $45m in series C funding.
This influx of capital is set to play a pivotal role in expanding Nova Credit’s offering well beyond its existing expertise in cross-border credit reporting. A key focal point will be the scaling of its solution for cash flow underwriting and verification of income and employment, named Cash Atlas.
With this strategic expansion, Nova Credit plans to enhance its capabilities by incorporating a broader suite of open finance data pipelines, unique datasets and compliance applications.
The series C funding round was led by Canapi Investors. Additionally, it saw participation from players like General Catalyst and Index Ventures. New investors, including Geodesic Capital and Harmonic Capital, have also joined in this round.
Since securing its series B funding back in 2020, the New York-headquartered company has had an impressive tenfold increase in revenues. The company has also forged partnerships with numerous organisations, including heavyweights like HSBC and Verizon. Furthermore, Nova Credit’s global footprint has expanded, enabling them to offer their products in key newcomer corridors such as Canada, the UK, the UAE and Singapore.
At its core, Nova Credit acts as a bridge between data and credit, offering an extensive suite of solutions tailored to provide lenders with a distinct advantage in the era of open finance.
Misha Esipov, co-founder and chief executive officer of Nova Credit, articulated its vision, saying, “Open finance data has been available for decades, but the industry has failed to assemble it into a suite of products that lenders can easily use to improve their customer onboarding and credit workflows.
“For years, Nova Credit has pioneered the use of consumer-permissioned data to enable the world’s most reputable businesses to approve more customers without compromising their risk and compliance standards.
“While cross-border credit remains critical to our strategy, we’re excited to broaden our offering and tackle a new set of industry challenges long unsolved.”
Jeffrey Reitman, general partner of Canapi Ventures, also expressed his enthusiasm about Nova Credit’s pivotal role in the evolving credit landscape, emphasising their ability to transform complex credit data challenges into scalable solutions for financial partners. He stated: “Nova has assembled the team, tech and vision to usher in cash flow underwriting at scale.”