SAN FRANCISCO – (BUSINESS WIRE) – Today, Nova Credit, the fintech that is creating opportunities for those historically excluded from the credit system and for companies looking to service them, announced a partnership with Westlake Financial – a technology-based finance company focused on acquisitions and servicing Prime to specialize in subprime installment contracts for the automotive retail industry – to give 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 develop the industry’s best auto loan deals for the over one million immigrants – or “newcomers” – who visit the US each year.
More than a million immigrants arrive in the U.S. every year, according to the Pew Research Center, and immigration is projected to account for 82% of the new population growth by 2050. No-file or thin-file when applying for financial services like auto finance. For newcomers unable to get a loan, it is much more difficult to get access to a car or transportation – which limits their potential for success upon arrival. For auto lenders, a lack of creditworthiness makes it more difficult to know the potential level of risk to whom they are loaning money, which limits their own growth potential.
Nova Credit works with 16 country offices – including Brazil, Mexico, and India – to provide access to financial information that enables them to translate international credit data into a U.S. equivalent score and report in a format American underwriters are familiar with that they use to evaluate applications for credit products. With this partnership, Westlake will gain access to global data from consumer credit bureaus – available only to Nova Credit – to help millions of these newcomers get auto loans and get their business done with no additional risk.
“Constant innovation is one of Westlake’s core values. Opening another avenue for potential customers through an initial partnership of this type with Nova Credit is in line with our strategy for the future, ”said Ian Anderson, Group President, Westlake Technology Holdings. “Through this unique partnership with Nova Credit, we can not only expand our reach, but also help newbies realize their potential here in the United States. To be part of it is really fulfilling. ”
“Although hard work is being done to build their credit overseas, millions of newcomers each year struggle to get access to the products and services they need to start a new life in the US,” said Misha Esipov, co-founder and Nova Credit CEO saw a tremendous need in the auto finance space and with partnerships like this we are able to help newcomers ease the stress of navigating auto finance after an international move. We are thrilled to be working with Westlake on this partnership and look forward to working with them in the future. ”
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 find out more about the partnership, countries covered or how to apply, visit: www.novacredit.com/partner/westlake-financial.
About Nova Credit
Nova Credit opens up financial opportunities for those who have historically been excluded from the credit system. With a bold vision to bring the world’s credit data together into a single network, Nova Credit began meeting the financial needs of immigrants to the United States by enabling them to obtain financial services from more than 15 countries worldwide using their international credit history apply for. The company has since expanded to serve those who do not have a sufficient history to gain access to credit services. Nova Credit’s real-time delivery of this reliable data enables banks, lenders and telecommunications companies to serve immigrants instantly, faster and more fairly. Headquartered in San Francisco and on a mission to create a fair and inclusive financial system for the world, the company was founded by immigrants and is backed by leading investors such as 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 assets under management of approximately $ 12.14 billion. Westlake Financial (“Westlake”) provides indirect installment contracts to the automotive retail industry through a nationwide network of new and used car and powersport dealers. Westlake also offers the purchase of loan portfolios, credit facilities and portfolio services through its ALPS (Advanced Lending & Portfolio Services) division, www.WestlakeALPS.com; Floor plan credit lines are provided through the Westlake Flooring Services division, www.WestlakeFlooringServices.com; Split cash flow auto loans through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect car leasing for credit unions through Westlake subsidiary Credit Union Leasing of America (CULA); Dealer contacts and consumer auto loans are offered through Westlake Direct; Consumer home loans are offered through Westlake’s wholly owned subsidiary, Loan Center, www.loancenter.com; and commercial real estate loans are offered through Westlake Capital Finance.