Nova Credit announces first partnership of its kind with Westlake Financial
SAN FRANCISCO – (COMMERCIAL THREAD) – Today, Nova Credit, the fintech unlocking opportunities for people historically excluded from the credit system and businesses looking to serve them, announced a partnership with Westlake Financial, a technology-based finance company that specializes in acquiring and servicing premium to subprime automotive retail installment contracts – to provide the company with access to Nova Credit’s global credit data. As Nova Credit’s first and only partnership in the automotive industry, this joint venture will allow Westlake to unlock the best auto loan deals in the industry to over one million immigrants – or “newcomers” – who arrive in the United States every year.
More than one million immigrants arrive in the United States each year, according to the Pew Research Center, and it is predicted that immigration will cause 82% of new population growth by 2050. Yet the lack of history National credit means that millions of recent arrivals only appear as no-file or thin-file when requesting financial services, such as car financing. For newcomers who cannot get a loan, accessing a car or transportation is all the more difficult, limiting their potential for success upon arrival. For auto lenders, a lack of credit rating makes it more difficult to know the potential risk levels of the people they lend money to, which limits their own growth potential.
Nova Credit works with 16 country offices – such as Brazil, Mexico and India – to access financial information that allows them to translate international credit data into an equivalent score in the United States and to produce reports in a format familiar to US insurers, who use it to assess applications for credit products. Through the partnership, Westlake will have access to global consumer credit bureau data – which is only available to Nova Credit – to help millions of these newcomers get car loans and acquire their businesses without additional risk.
“Constant innovation is one of Westlake’s core values, so opening up another avenue for potential clients through a one-of-a-kind partnership with Nova Credit aligns with our strategy for the future,” Ian Anderson, President of group, Westlake Technology Holdings. “This unique partnership with Nova Credit not only allows us to expand our reach, but also allows us to help newcomers realize their potential here in the United States. To be a part of this is truly rewarding.
“Although they work hard to build their credit abroad, millions of newcomers each year struggle to access the products and services they need to start a new life in the United States,” said Misha Esipov, co-founder and CEO of Nova Credit. “We saw a huge need in the auto finance space and, with partnerships like this, we are able to help newcomers alleviate the stress of navigating auto related financial matters after moving to. internationally. We are delighted to be working with Westlake on this partnership and look forward to our continued work with them. ”
The digital first offer will be available to applicants on the Westlake website or users can start on the Nova Credit landing page. To find out more about the partnership, the countries covered or to apply, please visit: www.novacredit.com/partner/westlake-financial.
About Nova Credit
Nova Credit opens up financial opportunities for people historically excluded from the credit system. With a bold vision to assemble the world’s credit data into a single network, Nova Credit began by meeting the financial needs of immigrants to the United States by enabling them to apply for financial services using their international credit histories in more than 15 countries around the world. The company has since grown to help those who do not have enough history to access credit services. Nova Credit’s real-time delivery of this reliable data enables banks, lenders and telecommunications companies to instantly serve immigrants faster and more fairly. Based in San Francisco and built on a mission to propel a just and inclusive financial system for the world, the company was founded by immigrants and is backed by leading investors including Kleiner Perkins, General Catalyst and Sound Ventures. Learn more at www.novacredit.com.
About Westlake Technology Holdings
Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, California with approximately $ 12.14 billion in assets under management. Westlake Financial (“Westlake”) is the originator of indirect retail automobile payment contracts through a nationwide network of new and used automobile and powersports dealers. Westlake also offers the purchase of loan portfolios, credit facilities and portfolio services through its Advanced Lending & Portfolio Services (ALPS) division, www.WestlakeALPS.com; floor plan lines of credit are provided by its Westlake Flooring Services division, www.WestlakeFlooringServices.com; the shared cash flow auto loan through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); Dealer leads and direct-to-consumer auto loans are offered by Westlake Direct; consumer securities loans are offered through Westlake’s wholly owned subsidiary, Loan Center, www.loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.