INSUBCONTINENT EXCLUSIVE:
virtually, according to the World Bank
But when it comes to people crossing borders and setting up lives in new countries, they essentially leave behind their financial histories,
starting again from scratch in their new homes
But there are signs of that starting to change
million round of funding to grow that business to cover more countries.The funding is being led by Kleiner Perkins, with a list of other
big names also participating
They include Canapi Ventures, a new fund focused on fintech startups, as well as previous backers Index Ventures, General Catalyst and Nyca
Edge.Nova is not disclosing its valuation, but according to PitchBook, in the first-close of the round it was estimated at around $295
facts that revenues grew four-fold in 2019, and that it now covers more than 1 billion consumer credit profiles, working out to over 50% of
the most popular United States immigrant countries of origin.Prior to this Series B, the company had raised just under $20 million, which
private equity firm Apollo, and himself is a first-generation Russian immigrant moving to the United States with his parents when he was
credit history in order to decide whether to do business with an individual
the records are originating in order to source the data, and it then charges the business that is making the request for the data.For now,
the service is not global in a number of ways
The first is in terms of the geographies covered: Nova has so far only facilitated links between 11 countries, with the originating requests
coming from the United States They include Australia, Canada, India, Kenya, Mexico and the U.K
Esipov said that the starting point came from close analysis of which countries send the most people to the United States The other is that
the service is largely geared toward people who have a credit history to speak of in their previous country
For many immigrants to the United States , that is not actually the case for a number of financial, political and other reasons.The strategy
moment, the company actually has deals with 19 countries currently, a list it hopes to grow more
The Dominican Republic and the Philippines will be the next two countries to launch
There are alternative data sources, and we are exploring how to bring those into the United States market
industry with shifting demographics, developing a strategy to attract the growing newcomer segment has become a strategic necessity for
