Total amount raised
$69.4 Millions
Latest funding date
February, 2020
Location
Nova Credit has successfully raised $45 million in its latest Series C funding round, attracting a diverse group of 33 investors, including Index Ventures and Geodesic Capital. The company operates a platform that unifies consumer credit data from multiple sources, aiding businesses in underwriting and other financial services.
Keep reading to explore the intricacies of Nova Credit's fundraising journey and the investors backing this innovative platform.
What Is Nova Credit?
Founded in 2016, Nova Credit is based in San Francisco, California. The company was established by Loek Janssen, Misha Esipov, and Nicky Goulimis.
Nova Credit specializes in unifying consumer credit data from various sources, including international credit bureaus and domestic bank data aggregators. Their platform aids businesses in underwriting and other financial services.
With a team of 101-250 employees, Nova Credit leverages unique data sources and proprietary credit expertise to help lenders fill gaps in traditional credit analytics.
How Much Funding Has Nova Credit Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: August 2016
- Lead Investors: Y Combinator
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the business model.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: September 2016
- Lead Investors: PearX
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional early-stage funding for product development.
- Seed Round
- Amount Raised: $3.3M
- Date: September 2016
- Lead Investors: Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and further develop the platform.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: August 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate market entry and customer acquisition.
- Series A
- Amount Raised: $16M
- Date: May 2018
- Lead Investors: General Catalyst, Index Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance the platform's capabilities.
- Series B
- Amount Raised: $50M
- Date: February 2020
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand global reach and support immigrants in the U.S. by enabling them to share their international credit history.
- Venture Round
- Amount Raised: $10M
- Date: September 2022
- Lead Investors: HSBC Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product offerings and expand market presence.
- Series C
- Amount Raised: $45M
- Date: October 2023
- Lead Investors: Canapi Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale cash flow underwriting and further develop the platform.
Nova Credit has raised a total of $124.42M. The current valuation is not publicly disclosed.
Key Investors
- Canapi Ventures
- Details: Canapi Ventures is a venture capital firm that focuses on investing in early to growth-stage fintech companies. They leverage their deep industry expertise and network to support the growth and success of their portfolio companies.
- Investment Focus Areas: Fintech, Financial Services, Technology
- Notable Investments: Greenlight, Varo Money, Figure
- HSBC Ventures
- Details: HSBC Ventures is the corporate venture capital arm of HSBC, one of the world's largest banking and financial services organizations. They invest in innovative companies that align with HSBC's strategic priorities and can benefit from the bank's global reach and expertise.
- Investment Focus Areas: Fintech, Financial Services, Technology
- Notable Investments: Tradeshift, Bud, Privitar
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm that has been investing in early-stage technology and life sciences companies since 1972. They have a long history of backing successful startups and helping them grow into industry leaders.
- Investment Focus Areas: Technology, Life Sciences, Fintech
- Notable Investments: Google, Amazon, Twitter
- General Catalyst
- Details: General Catalyst is a venture capital firm that partners with founders from seed through growth stages to build companies that withstand the test of time. They focus on investing in transformative businesses across various sectors.
- Investment Focus Areas: Technology, Healthcare, Consumer
- Notable Investments: Airbnb, Stripe, Snap
- Index Ventures
- Details: Index Ventures is a global venture capital firm that invests in technology-enabled companies across all stages of growth. They have a strong track record of supporting entrepreneurs and helping them scale their businesses internationally.
- Investment Focus Areas: Technology, Fintech, Consumer
- Notable Investments: Dropbox, Robinhood, Slack
What's Next for Nova Credit?
Nova Credit stands at the cusp of a significant opportunity, driven by the increasing globalization and mobility of people. With immigrants projected to drive 80% of U.S. population growth by 2050, the market for cross-border financial services is vast. Nova Credit's Credit Passport technology, which translates foreign credit data into a U.S.-equivalent score, positions the company to tap into this growing demographic, providing a crucial service to millions of newcomers.
Future fundraising opportunities appear promising, as the company continues to expand its global reach and enhance its technological capabilities. The backing of prominent investors like Kleiner Perkins and Canapi Ventures suggests a strong potential for additional investment rounds. However, Nova Credit will need to navigate regulatory challenges across different countries and ensure the accuracy and reliability of international credit data. Competition from other fintech companies and traditional financial institutions will also be a significant hurdle.
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