The state of alternative data in lending with Nova Credit
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Nova Credit is a San Francisco-based credit infrastructure and analytics solution centered around alternative data. Nova Credit started with Credit Passport, a cross-border lending product, and has since expanded to cash flow underwriting and income verification. Founded in 2016, Nova Credit most recently raised a $45M Series C in 2023, which saw participation from Canapi Ventures, Kleiner Perkins, General Catalyst, Index Ventures, Y Combinator, and others.
In March, Nova Credit launched its Nova Credit Platform, which lets lending customers leverage Nova Credit’s streams of alternative data to analyze consumer credit data from several alternative silos. The product launch, in part, is an attempt to bridge market gaps identified in the company’s 2024 State of Alternative Data in Lending report.
To learn more about this new platform, The FR met with Nikki Cross, Senior Director of Data Science Solutions at Nova Credit. Onsite at Fintech Meetup, Cross outlined:
The way data serves as a bridge between seemingly disparate teams at Nova Credit;
How Nova Credit’s size and international scope affect its internal structure;
What Nova Credit’s new platform offers to lenders and underwriters, and how the product accounts for institutions’ infrastructural shortcomings;
How last year’s Series C will help Nova Credit access data in more geographies and markets; and
How lenders are beginning to approach alternative data to add value to the strategic decisions they make, and the ways Nova Credit hopes to ramp up lenders’ comfort with alternative data given identified market gaps.
