Nova Credit helps lenders acquire the data they need to assess immigrants seeking credit or loans. Now the company itself is going global.
On Thursday, it announced that Nova Credit UK, a wholly owned subsidiary of the San Francisco-based
"The U.K. is home to one of the world's largest and most diverse immigrant communities," said
Here is the cast of characters who will affect bankers and their industry in the coming year, both positively and negatively.
Nova Credit launched in the U.S. in 2016. Since then, it has partnered with credit bureaus in more than 20 countries and deployed its technology to convert this data into scores and reports that U.S. lenders can consider as part of their decision-making process. Its customers include
The company first announced its intent to expand to Europe in April 2022, and that it was seeking authorization from the FCA to set up shop in the U.K. The FCA confirmed in July that it would bring in a new Consumer Duty, or higher standards of consumer protection that financial services firms must adhere to, including easy ways to switch or cancel products and clear information about products and services that is not buried in fine print. The financial regulator said at the time it would give firms 12 months to implement the new rules for all new and existing products and services that are currently on sale.
