Nova Credit has bucked the fintech trend of declining later-stage fintech funding with a $45m injection for its Series C round.
In brief:
-Cross-border challenger credit bureau Nova Credit has seen accelerating revenues in recent years as world travel unfroze from the pandemic
-Canapi Ventures, a backer of a number of fintech infrastructure companies, led the round. It also invested in Nova Credit as part of the company's Series B round over three years ago.
-Now the company which counts the likes of American Express, Verizon, HSBC, SoFi, Scotiabank, and Yardi as customers is riding high as global travel has been bouncing back from the covid freeze with soaring demand for its services with volumes tripling in 2023.
What does this mean?
“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,” Misha Esipov, co-founder and CEO of Nova Credit said.
