Nova Credit Named Fintech of the Year: Transforming Credit Access Through Innovation
Nova Credit, the credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data, has been named "Fintech of the Year" by This Week in Fintech.
NEW YORK, December 16 - Nova Credit, the credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data, has been named "Fintech of the Year" by This Week in Fintech. This recognition follows Nova Credit's work helping financial institutions see borrowers in a new light through alternative data sources, leading to $20 billion in new financial opportunities and 600% revenue growth over three years.
"The financial services industry is at an inflection point in how we evaluate creditworthiness," said Misha Esipov, Co-founder and CEO of Nova Credit. "Through our comprehensive platform, financial institutions can now approve up to 40% more marginal applicants while maintaining strong risk management practices. As traditional credit data becomes increasingly complex, we're excited to continue building a more dynamic and inclusive financial system powered by alternative data and real-time analytics."
Revolutionizing Credit Infrastructure When It's Needed Most
Traditional credit bureau data has become increasingly murky due to the proliferation of BNPL products, soft inquiries, and credit builder products. At the heart of our response to this challenge is the Nova Credit Platform, launched in March 2024, which unifies three groundbreaking products: Cash Atlas™ for cash flow underwriting, Income Navigator for automated income verification, and Credit Passport® for cross-border credit assessment.
The impact is undeniable: our comprehensive solution has already unlocked credit opportunities for over a million consumers. This isn't just about numbers—it's about transforming how financial institutions evaluate creditworthiness while maintaining strong risk management practices.
Strategic Partnerships Driving Systemic Change
2024 has been a year of transformative partnerships that showcase our platform's ability to create immediate, measurable impact. Our partnership with Akoya, the industry-leading data access network, strengthens our cash flow analytics capabilities by providing secure, API-connected bank data connectivity. This collaboration enables lenders to access trusted data and insights more effectively, driving responsible growth and improved risk management at a time when traditional credit bureau data is increasingly complex.
Our collaboration with MoneyLion demonstrates how these capabilities can be embedded within major digital finance ecosystems, reaching over 1,200 Enterprise Partners. Through early adopters like Concora Credit, we're proving that alternative data can dramatically expand credit access while maintaining robust risk management.
Our global footprint continues to expand with partnerships with major institutions across Canada and the UK, driving our mission to make financial services more accessible to international customers.
Leading the Industry Dialogue
The inaugural Cash Flow Underwriting Summit in New York City brought together 200 industry leaders to explore the future of credit assessment. This wasn't just a conference—it was a catalyst for industry transformation. Early adopters of cash flow underwriting solutions reported compelling results: lowering both losses and CAC, and boosting conversion, with a 90% consumer opt-in rate for data permissioning.
Explore the On Demand helpful tips, insights, and best practices from Cash Flow Underwriting Summit panelists!
Shaping the Future of Open Banking
The CFPB's 1033 ruling has ushered in a new era of financial innovation, and Nova Credit stands at the forefront of this transformation. Our platform empowers financial institutions to approve 20-40% more marginal applicants through cash flow data analysis while maintaining strong risk management practices. This isn't merely expanding banks' customer bases—it's fundamentally democratizing access to credit for millions of previously underserved consumers.
Looking ahead, we see three distinct phases in the evolution of open banking:
The Immediate Future (2025) Open banking data will become a standard component of credit acquisition channels, enabling financial institutions to confidently expand credit access while preserving their risk standards.
The Near Horizon (2027) Financial institutions will leverage open banking data to transform traditional decline paths into opportunities, creating seamless routes to alternative product offerings that better match consumer profiles.
The New Standard (2029) Open banking data will become as fundamental to credit decisions as traditional bureau data is today, providing lenders with an unprecedented holistic view of every applicant's financial health.
A Mandate for Continued Innovation
Being named Fintech of the Year isn't just a recognition of our past achievements—it's a mandate to accelerate our mission of transforming credit infrastructure. As the financial services industry grapples with evolving consumer profiles, regulatory changes, and the imperative for greater inclusion, Nova Credit's platform provides the comprehensive solution that institutions need today while preparing them for the challenges of tomorrow.
The future of credit isn't just more inclusive, dynamic, and equitable—it's here. And Nova Credit is leading the way.
Ready to join the credit revolution? Contact us to learn how Nova Credit can transform your credit decisioning capabilities with the power to underwrite anyone.