Nova Credit Expands Fintech Reach with HSBC & SoFi Deals
Nova Credit, a credit infrastructure and analytics company, has announced two significant partnerships that expand its reach in the fintech sector.
The firm has teamed up with HSBC UK to facilitate international mortgage applications and extended its relationship with SoFi to enhance loan underwriting capabilities.
International Credit Histories for UK Mortgages
HSBC UK, one of Britain's largest banks, is implementing Nova Credit's technology to streamline mortgage applications for international customers.
The bank will now be able to access applicants' credit histories from their previous countries of residence, making it easier for newcomers to the UK to secure home loans.
This initiative allows non-resident customers from Australia, Switzerland, the Philippines and the USA, as well as recent UK arrivals, to utilise their overseas credit records when applying for a mortgage. The service will initially be available for direct applications to HSBC UK.
Oli O'Donoghue, Head of Mortgages at HSBC UK, says: “International customers often face difficulties in accessing credit facilities from overseas or when moving to a new country.
“We're proud to be the first major bank to provide this innovative service to make it easier for customers to utilise their international credit history to help them secure a property in the UK, something that could be a vital part of a relocation.”
The new system eliminates the need for applicants to obtain and translate their own credit reports, a process that was often time-consuming and potentially costly.
Instead, Nova Credit's technology generates an English-language report that is automatically added to the mortgage application.
HSBC UK has also improved lending options for foreign nationals, allowing applicants through mortgage brokers to access up to 95% loan-to-value tiers if they have leave to remain in the UK or EU settled status.
Expanding Cash Flow Underwriting Capabilities
In a separate development, Nova Credit has announced an expansion of its multi-year relationship with SoFi, a digital financial services platform.
The extended partnership will see SoFi implement Nova Credit's Cash Atlas™ solution, which provides access to consumer-permissioned bank data and cash flow analytics.
Cash flow data offers a more real-time and granular view of a consumer's financial health compared to traditional credit reporting. This allows lenders to generate a more comprehensive risk profile for consumers across the credit spectrum.
SoFi, which has been using Nova Credit's services since 2020, plans to incorporate Cash Atlas™ into its loan underwriting process. This move aims to improve credit risk assessment, enhance credit eligibility and improve the overall experience for SoFi members.
Nova Credit's Role in the Fintech Ecosystem
As a credit reporting agency (CRA), Nova Credit leverages its data infrastructure, compliance framework and credit expertise to help lenders address gaps in traditional credit analytics.
The company's suite of solutions is designed to increase conversion through expanded coverage, speed, and reliability.
Nova Credit's client base includes major financial institutions and technology companies such as American Express, Verizon, HSBC, RBC, Scotiabank, Appfolio and Yardi.
These organisations use Nova Credit's products to make credit decisions through cash flow underwriting, verify income quickly and accurately and reach new-to-country consumers.
The partnerships with HSBC UK and SoFi demonstrate Nova Credit's growing influence in the fintech sector, particularly in areas where traditional credit assessment methods may fall short.
Misha Esipov, Co-founder and CEO of Nova Credit, commented on the expanded relationship with SoFi: “SoFi and Nova Credit have long shared the goal of providing greater financial opportunities to more people.
“Following 4 successful years working together, this expansion is a great example of our continual innovation and commitment to making that vision a reality.”
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