Nova Credit, a U.S. cross-border consumer credit reporting startup, announced on Tuesday the launch of Ellis, which is a financial marketplace specifically for newcomers to the U.S. to apply for credit cards with confidence based on their international credit report. The platform’s description reads:
“Ellis is a one-stop-shop for newcomer financial products. After locating and translating the international credit report to a U.S.-equivalent credit score, it enables users to find newcomer-friendly cards that accept international credit history and do not require a Social Security Number.”
Ellis features reviews and expert articles on managing credit to help newcomers apply for cards with more confidence about approval odds. Speaking about the platform, Nova Credit Co-Founder and CEO, Misha Esipov, explained:
“Despite working hard to build their credit abroad, millions of newcomers each year struggle to gain access to the products and services they need to start a new life in the U.S. Our new product, named after Ellis Island, the historic gateway to America, helps newcomers access financial products with confidence and lenders access a highly creditworthy, yet underserved population.”
Founded in 2016, Nova Credit describes itself as a premier cross-border credit reporting agency. The company notably helps newcomers and other global citizens apply for financial services using their international credit history from various countries, including Australia, Brazil, Canada, India, Mexico, South Korea, and the UK.
“Nova Credit translates international credit data into a U.S.-equivalent score and a report in a format familiar to select American underwriters, who can use it to evaluate their applications for credit products. Founded by immigrants, the firm has a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive.”
The company previously secured $50 million through its Series B funding round, which was led by Kleiner Perkins with participation from Canapi Ventures, Index Ventures, General Catalyst, and Nyca Partners. Nova Credit reported that the funds will be used to significantly expand its global reach and mission to support newcomers from around the world.