Nova Credit Named to Inaugural Embedded Fintech 50 List

NEW YORK, February 1, 2023 – Nova Credit, the world’s leading consumer-permissioned credit bureau, was named to the Embedded Fintech 50, a list launched by GGV Capital in partnership with Crunchbase, to recognize the most promising fintech companies in the eyes of startup investors. The company was recognized for its promising growth and innovative solutions that are democratizing access to financial services. GGV Capital convened 57 other investment firms to nominate and vote on the 50 honorees. Having raised more than $12 billion collectively, the Embedded Fintech 50 demonstrates the enthusiasm of venture capital investors in the growth and innovation of this sector. In celebration, honorees will ring the Closing Bell at Nasdaq MarketSite today. Since its inception seven years ago, Nova Credit's mission has been to create a fair and inclusive financial system for the world. Today, with the help of its flagship product Credit Passport®, the company enables over two billion people to unlock credit opportunities that were previously unavailable due to lack of global credit data integration. Credit Passport® is a first and only solution that enables cross-border credit checks between lenders and new-to-country individuals, promoting the borderless flow of financial data and empowering consumers to put their best foot forward in their credit applications.

With the introduction of Cash Atlas™ last year, Nova Credit now serves all individuals who feel discouraged by the current financial system. The cash-flow underwriting solution enables underwriters to leverage bank statement insights in their credit underwriting, targeting the over 50 million thin-file credit users in the U.S. that have historically been excluded from many financial products.  “At Nova Credit, our solutions and partnerships are breaking down the barriers of today’s financial services industry and challenging the way the world views credit,” said Misha Esipov, co-founder and CEO of Nova Credit. “It’s an honor to be recognized among this list of innovative fintech companies that are redefining the future of financial services. Our team has seen significant growth this past year and we’re excited to keep that momentum going as we continue building towards a borderless financial system.” “Embedded fintech is a bright spot in today’s market, and it is exciting to see how companies are democratizing access to financial services through technology,” said Hans Tung, managing partner at GGV Capital. “We are excited for the continued development of the embedded fintech landscape and further creative innovations to come. Congratulations to the Embedded Fintech 50 honorees!”

ABOUT NOVA CREDIT Nova Credit is a consumer-permissioned credit bureau with two products that help businesses make more fair and informed decisions on millions of ‘thin file’, no credit history, or new-to-country applicants. The Credit Passport® unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations. The Cash Atlas™ provides greater insight into the cash flows of any applicant, including verifying their income with greater precision than alternatives. Businesses use these products to approve more applicants without taking on more risk, and consumers are empowered to put their best foot forward in their applications. The company’s differentiated data sources and proprietary analytics are used by leading organizations like American Express, Verizon, HSBC, SoFi, and Yardi. Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Ventures, and Canapi as well as executives from Goldman Sachs, JPMorgan, and Citi. Learn more at www.novacredit.com or reach out to connect@novacredit.com. 

About Embedded Fintech 50  Embedded Fintech 50 includes the most promising embedded fintech startups as nominated and voted on by investment firms. GGV Capital launched the list in partnership with Crunchbase and convened 57 investment firms to develop the inaugural list. This year, 175 companies were nominated, and 50 were selected through a voting process that required the nomination of portfolio and non-portfolio companies. Nomination criteria included companies with a primary product focus on fintech, U.S. as a primary market, and Series A stage. Embedded fintech is defined as financial service platforms or financial service providers that integrate into commercial or financial service platforms. For more information about participating investors and list methodology, visit:  https://www.embeddedfintech50.com.

About GGV Capital GGV Capital is a global venture capital firm partnering with founders to build category-leading companies around the world. Focused on multi-stage, sector-focused investments, GGV manages $9.2 billion in investments across the U.S., China, Southeast Asia, Israel, Latin America, and India. Founded in 2000 with roots in Singapore and Silicon Valley, GGV has backed more than 500 companies, including Affirm, Airbnb, Alibaba, BigCommerce, Boss Zhipin, Bowery Farming, Grab, Full Truck Alliance, HashiCorp, Hello, Keep, Kujiale, NIU, Opendoor Technologies, Peloton, Poshmark, Slack, Square, StockX, Udaan, Wish, XPeng, Zendesk, and more. More information can be found at www.ggvc.com and @ggvcapital.

Contacts

Rachel Levy V2 Communications on behalf of Nova Credit novacredit@v2comms.com 

Christine Hinton GGV Capital chinton@ggvc.com