Nova Credit Announces First of its Kind Partnership with Westlake Financial
Today, Nova Credit, the fintech unlocking opportunities for those historically excluded from the credit system and companies looking to serve them, announced a partnership with Westlake Financial - a technology-based finance company that specializes in the acquisition and servicing of prime to subprime automotive retail installment contracts - to provide the company access to Nova Credit's global credit data. As Nova Credit's first and only partnership in the auto industry, this joint venture will enable Westlake to unlock industry-best auto loan offers to over one million immigrants - or 'newcomers' - who arrive in the U.S. every year.
More than one million immigrants arrive in the U.S. every year, according to the Pew Research Center, and it is predicted that immigration will drive 82% of new population growth by 2050. Yet lack of domestic credit history means millions of recent arrivals appear only as no-file or thin-file when applying for financial services, like auto financing. For newcomers who can't obtain a loan, getting access to a car or transportation is that much harder - limiting their potential for success upon arrival. For auto lenders, a lack of credit score makes it harder to know potential risk levels of who they loan money to, limiting their own growth potential.
Nova Credit works with 16 country bureaus - like Brazil, Mexico and India - to gain access to financial information that enables them to translate international credit data into a U.S.-equivalent score and report in a format familiar to American underwriters, who use it to evaluate applications for credit products. With this partnership, Westlake will gain access to global consumer credit bureau data - which is only available to Nova Credit - to help millions of these newcomers obtain auto loans and acquire their business with no additional risk.
"Constant innovation is one of Westlake's core values, so opening up another avenue for potential customers through a first of its kind partnership with Nova Credit aligns with our go-forward strategy," Ian Anderson, group president, Westlake Technology Holdings. "This unique partnership with Nova Credit not only allows us to extend our reach but also enables us to help newcomers realize thei potential here in the United States. To be a part of that is truly fulfilling."
"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.," said Nova Credit co-founder and CEO, Misha Esipov. "We saw a tremendous need in the auto financing space and, with partnerships like this, we are able to help newcomers alleviate the stresses of navigating auto-related finances after moving internationally. We are thrilled to be working with Westlake on this partnership and we look forward to our continued work with them."
The digital-first offering will be available to applicants on Westlake's website or users can start on Nova Credit's referral landing page. To learn more about the partnership, countries covered or to apply, visit: www.novacredit.com/partner/westlake-financial.
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