US Fintech Nova Credit expands to Europe, unlocking credit for immigrants excluded from Archaic Cross-Border Credit System

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Nova Credit, fintech unlock opportunities for those who have historically been excluded from the credit system and companies that want to serve them, announced the expansion of the company in Europe. The company will initially focus on the UK with the ambition of serving the entire European market. Nova Credit co-founder Nicky Goulimis will be the Executive Director of Nova Credit UK, Collin Galster will oversee the strategic operations as Vice President of International and Director of Nova Credit UK and Matt Davies (1), based in the United Kingdom and has Extensive experience in consumer credit, joins Nova Credit as Head of Market Development in the United Kingdom.

Founded in San Francisco, Nova Credit is a cross-border credit bureau whose mission is to accelerate the financial integration of millions of creditworthy people who immigrate to new countries each year. Upon arrival, these individuals have no credit history that lenders can assess in their destination country. They then have difficulty accessing credit-based products at fair prices, such as credit cards, car financing or telephone contracts, and have to pay up to six months’ rent in advance or find a guarantor to secure an apartment.

Combining deep relationships with consumer credit bureaus around the world, API-based credit risk technology and a broad understanding of the consumer credit regulatory landscape, the Nova Passport δυνατότητα feature captures the established credit data of newcomers from their country of origin and converts them into an equivalent rating and report suitable for use by lenders and financial service providers in their new host country.

Since its release in 2016, Nova Credit has developed partnerships with credit bureaus in more than 20 countries worldwide to obtain their data and standardize it in a format readily accepted by US lenders and financial service providers. To date, Nova Credit has helped unlock consumer-licensed access to more than 2 billion credit profiles. This data allows lenders, credit card providers, telecommunications companies and rental control companies across the US to take on products for people who would otherwise be excluded from gaining financial access. The company’s customers in the US include American Express, Verizon and SoFi.

Collin Galster, VP International at Nova Credit & Director of Nova Credit UK, comments: “Millions of migrants cross the border every year to work, study and create new lives for themselves and their families. In this way, they leave behind years of credit history, “stuck” in the countries they have left. The majority of these people are creditworthy, but underserved. Without access to their previous credit history, lenders have no choice but to automatically reject their new loan applications.

“The global credit reporting system has been created in national silos that fail to meet the needs of an increasingly globalized and integrated world. Newcomers do not have access to the funds needed to finance new housing, cars, education or telephone contracts and have to spend years rebuilding their credit scores from scratch. Likewise, lenders want to be able to serve this huge market of trusted individuals, but they do not have the tools to do so. “We are excited to finally bring our cross-border capabilities to service migrant corridors destined for and within Europe.”

The expansion of Nova Credit in Europe unlocks similar opportunities for immigrants in the UK. Of the 10 million immigrants currently living in the UK, 3.5 million are relatively newcomers with little or no credit history in the UK, but who, based on historical credit data in their country of origin, could be categorized by UK lenders as creditworthy borrowers. 2)

Matt Davies, UK Market Development Manager at Nova Credit, comments: “By 2035, 100% of the annual net growth of the UK population is expected to come from immigration. (3) The creation of financial services for these first day of their arrival is required. We are excited to bring the knowledge, experience and relationships Nova Credit has built over many years to enable British and European lenders and financial service providers to access this valuable but largely underutilized, untapped market ».

More than 1.3 million immigrants were granted visas in the UK last year. (4) Eighty percent of residents born abroad remain in the UK for at least five years (5) and the same percentage is between 18 and 44 ( 6). In addition, the median income of a foreign-born person working in the United Kingdom is higher than that of a UK-born national, (7) further emphasizing the attractiveness for lenders of access to this community of potential long-term credit .

Nova Credit offers good coverage to UK lenders and financial services companies for the majority of newcomers entering the UK each year. From its UK base, the startup will partner with more credit bureaus across Europe and the rest of the world, especially in areas where UK lenders’ demand for cross-border access to credit data is high.

Nicky Goulimis, Co-Founder and CEO of Nova Credit UK, concludes: “Until Nova Credit, there was no standard way for lenders to contact credit bureaus around the world. In a world where so much is instinctively interconnected and internationally available with the click of a button, Nova Credit is creating a new world order for managing global credit data that makes relocation between countries more hassle-free than ever before.


1. Matt Davies is Nova Credit UK Head of Market Development. Matt has many years of experience in the areas of credit, financial services and data with an emphasis on consumer integration in his most recent role as Chief Commercial Officer at consumer credit startup Aire Labs. Matt’s previous experience included senior business development roles at NTT DATA and Nokia.

2 – 7. Sources: United Nations, Bureau of National Statistics,, The Migration Observatory


Nova Credit has a mission to accelerate financial integration and help underprivileged communities gain access to major credit. Consumer licensed credit bureaus help newcomers to the US use their international credit history to apply for credit cards, car loans, real estate rentals. Through this offering, the company has established partnerships in more than 20 countries to gain real-time access to more than one billion credit profiles. Founded by immigrants, Nova Credit has offices in San Francisco and New York and is backed by leading investors such as Kleiner Perkins, General Catalyst and Index Ventures, as well as executives from Goldman Sachs, JPMorgan and Citi. Learn more at

(United Kingdom) Carmen Dixon [email protected] | 07717 278846

(USA) Rachel Levy | [email protected]

Source: Nova Credit

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