Quarters and Nova Credit Partner to Empower Canadian Newcomers with Credit Access and Accelerated Home Savings

TORONTO, ON - October 2, 2024 - As Canada prepares to welcome nearly 1.5 million permanent residents over the next three years, Canadians—including newcomers—face significant challenges in establishing credit and securing housing. Recognizing these hurdles, Quarters, an innovative home savings rewards program for all Canadians, has partnered with Nova Credit to enhance its support for newcomers and help them kickstart their financial journey in Canada.

Quarters is a free points program that allows users to accumulate points redeemable for rent deposits or down payments, making home savings accessible and rewarding them over the long term. It also provides opportunities for individuals to build credit by reporting their rental payments.

Its collaboration with Nova Credit, the credit infrastructure and analytics company that enables businesses to grow responsibly with alternative credit data, enables newcomers to begin their home savings journey even before setting foot in Canada. Those planning to move to Canada can engage with Quarters’ platform and network from their home country to earn points toward lease deposits or future home purchases and build credit. Through integration with Nova Credit’s Credit Passport®, which gives newcomers the ability to transfer international credit histories, Quarters users abroad can leverage their existing credit history to access rental opportunities and secure housing prior to arrival. This jump-starts their path to home ownership, providing a financial advantage and easing their transition into Canadian life.

“At Quarters, we believe that finding a home is more than a transaction—it’s a journey. We’re thrilled to partner with Nova Credit to make this journey smoother for newcomers,” said Romir Joshi, CEO, Quarters. “Our platform not only makes dream homes more affordable but also empowers users to build a strong financial foundation in Canada.”

Quarters is Addressing Newcomer Challenges

In addition to helping newcomers transfer their credit history, Quarters aims to eliminate some of the barriers to housing by offering opportunities for:

• Building Credit Through Rent Reporting: Quarters allows users to build Canadian credit by reporting their rental payments, accelerating their ability to access financial opportunities such as loans and credit cards.

• Accumulating Home Savings: Users can accelerate their home savings by earning points through everyday spending and platform engagement. Quarters’ network of partners enables these points to be redeemed for rent deposits or down payments—potentially covering up to 50% of these costs.

“Quarters’ innovative approach to long-term home savings will create more financial opportunities for newcomers who are underserved by the traditional credit system,” said Collin Galster, Chief Operating Officer, Nova Credit. “Together, our partnership will help newcomers not only build credit, but also make Canada their home with confidence and ease.”

To learn more about how Quarters can support your home savings journey, click here to sign up.

About Quarters

Quarters is an innovative home savings rewards program dedicated to helping Canadians—including newcomers—achieve their housing goals. Through its free points program, users can earn points by making everyday purchases and engaging with Quarters’ platform. These points are redeemable for rent deposits or down payments, making home savings more accessible and rewarding over the long term. Learn more at www.myquarters.ca or contact Quarters at hello@myquarters.ca.

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 data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, Appfolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly and accurately verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at www.novacredit.com or reach out to connect@novacredit.com.

Media Contact:

Sarah Levine Pro-novacredit@prosek.com