Nova Credit announces partnership with Royal Bank of Canada to help create a smoother financial start for newcomers

TORONTO, June 18, 2024 — Canada's immigration rates are soaring, with plans to welcome nearly 1.5 million permanent residents over the next three years. Additionally, the country added 1.27 million people in 2023, up 3.2% from the previous year, marking the highest growth since 1957.

Financial products can help give some newcomers more financial breathing room while they find and furnish a place to live, secure work opportunities, and adapt to life in a new country. Historically, Canada’s new-to-country individuals have had no way to carry over their credit history, resulting in challenges with accessing financial services that often require credit checks like credit cards, auto loans, or cell phone plans.

Nova Credit's new partnership with Royal Bank of Canada (RBC) is committed to providing tools and resources to improve newcomer arrival experiences. RBC’s Global Credit Connect with Credit Passport® helps eligible RBC clients leverage their international credit history in Canada. 

“Every newcomer has a unique journey arriving in Canada, but many face similar roadblocks trying to access the right financial tools for their situation,” said Janet Boyle, Senior Vice President, Home Equity Financing & Newcomer Strategy at RBC. “We’re excited to work with Nova Credit to launch Global Credit Connect and create a simpler way for eligible newcomers to make a successful financial transition in Canada.” 

RBC is collaborating with Nova Credit to leverage the Credit Passport® product to deliver a real-time standardized credit history translation for Global Credit Connect. Eligible clients will complete an online application through Nova Credit that uses their home country's credit bureau information such as tradelines, risk attributes, and inquiry history to create equivalent credit scores for Canada.

"We are proud to partner with RBC to power Global Credit Connect with Credit Passport®, unlocking access to credit data from over 2.7 billion individuals worldwide," said Collin Galster, COO at Nova Credit. "This partnership is a significant step forward in our commitment to newcomers to Canada, helping them arrive and thrive with access to the right financial products and services."

Global Credit Connect will be available to newcomers from select countries in RBC branches across Canada.

To learn more about Nova Credit products and solutions, visit www.novacredit.com/canada.

ABOUT NOVA CREDIT

Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique set of data sources, bank-grade infrastructure, compliance framework, and proprietary credit expertise to help lenders fill the gaps that exist in traditional credit analytics. Nova Credit serves as the bridge between data and credit excellence, providing a comprehensive platform of solutions designed to give lenders across various industries - including finance, fintech, property management, telecom, and automotive - a competitive edge in the open finance era. Its cross-border credit product, Credit Passport®, cash flow underwriting product, Cash Atlas™, and income verification product, Income Navigator, are used by leading organizations like American Express, Verizon, HSBC, SoFi, Scotiabank, and Yardi. Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Ventures, and Canapi Ventures. 

ABOUT ROYAL BANK OF CANADA

Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 98,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper. As Canada’s biggest bank and one of the largest in the world, based on market capitalization, we have a diversified business model with a focus on innovation and providing exceptional experiences to our more than 18 million clients in Canada, the U.S. and 27 other countries. Learn more at rbc.com.

We are proud to support a broad range of community initiatives through donations, community investments and employee volunteer activities. See how at rbc.com/community-social-impact.