Nova Credit nets $50m in equity round

Nova Credit, a cross-border consumer credit reporting company, has netted $50m in an equity financing round.

Kleiner Perkins led the round, with participation also coming from Canapi Ventures and former Nova backers Index Ventures, General Catalyst and Nyca Partners.

Ashton Kutcher and Guy Oseary’s Sound Ventures also contributed to the round, as did baseball star Alex Rodriguez and U2 guitarist the Edge.

With the new funds, the company will expand its global reach and looks to onboard new customers around the world.

The company translates foreign credit data into an equivalent score in the US to help consumers get access to a credit card, loan or rental. The real-time delivery of data enables financial institutions to quickly assess newcomers to the US.

Nova Credit CEO Misha Esipov said, “The world has become increasingly globalized, with people moving around the world at an accelerating rate, yet credit history has been trapped within national borders. Nova Credit is changing that by enabling millions of newcomers who have hard-earned credit abroad to access financial services more equally in the U.S.

“Migration is an incredibly vulnerable period of transition and through the Credit Passport® we’ve made that experience more safe and welcoming. Nova Credit believes in a world beyond borders to enable newcomers to arrive and thrive.”

Nova Credit closed a Series A in 2018 on $16m with investments coming from General Catalyst and other unnamed backers.

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