Nova Credit Secures $45 Million in Series C Funding to Expand Cash Flow Underwriting and Verification Solutions

The expansion will enable partners to grow within their risk appetite by incorporating a broader suite of open finance data pipelines, unique datasets, and analytics and compliance applications.


Nova Credit, the data analytics company facilitating responsible business growth through alternative credit data, has raised $45 million in Series C funding.

The financing round will support the expansion of Nova Credit’s product offerings, specifically focusing on scaling Cash Atlas™, the industry’s leading solution for cash flow underwriting and income and employment verification.

The expansion will enable partners to grow within their risk appetite by incorporating a broader suite of open finance data pipelines, unique datasets, and analytics and compliance applications.

Impressive Growth and Expansion

Since its Series B funding round in 2020, Nova Credit has experienced significant growth, increasing revenues by 10 times and establishing partnerships with major companies such as HSBC, Verizon, Scotiabank, Earnest, and Yardi. The company has also accelerated international expansion, extending its products to service newcomer corridors destined for Canada, the U.K., the U.A.E., and Singapore. Furthermore, Nova Credit has more than tripled its volumes since the start of 2023, indicating its growing market presence and demand for its services.

Open Finance and Cash Flow Underwriting

Open finance has ushered in an era where businesses extending credit can understand their customers in a more personalized and tailored way. Nova Credit aims to utilize cash flow underwriting, an application of open finance, to underwrite over 60 million new-to-credit, new-to-country, and other thin-file consumers. Cash flow underwriting fills in gaps where traditional credit reporting is limited, enabling lenders to make data-driven decisions.

Nova Credit’s Approach and Expertise

Nova Credit has perfected the art and science of harnessing open finance data to enable leading institutions to grow responsibly. The company has built data pipelines into credit bureaus globally, seamlessly translating diverse data schemas, attributes, and scores into FCRA-compliant reports for lenders. Nova Credit’s proprietary analytics layer helps credit professionals extract value from new data sources within a compliance framework that meets the regulatory and security standards of premier financial institutions.

Vision for the Future

Nova Credit’s recent funding will strengthen its position as a dependable partner to banks and lenders, accelerating innovation in the industry. The company aims to be a leading data analytics player in the cash flow underwriting space, addressing industry challenges and supporting the evolution of the credit landscape.

Investor Confidence and Partnership

Lead investor Canapi Ventures and other backers, including General Catalyst, Index Ventures, Kleiner Perkins, Y Combinator, and Avid Ventures, support Nova Credit’s vision. Nova Credit’s ability to transform complex credit data challenges into scalable industry solutions positions it as a leader in cash flow underwriting, making it an attractive investment for a range of investors.

About Nova Credit

Nova Credit is a data analytics company empowering businesses to grow responsibly by harnessing alternative credit data. The company enables lenders and property managers to make more informed decisions about newcomers to the U.S. and other countries where traditional credit data is limited.

Nova Credit serves major financial institutions, property managers, and other businesses across various sectors. Through its unique infrastructure layer, Nova Credit seamlessly translates international credit data into a format that is understandable by U.S. underwriters, allowing newcomers to share their credit history and access a wide range of products.

Nova Credit is backed by prominent investors, including Canapi Ventures, General Catalyst, Index Ventures, Kleiner Perkins, and Y Combinator.

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