HSBC has tapped Nova Credit score to combine the corporate’s Credit score Passport, a cross-border credit score knowledge product.As a part of the partnership, Nova Credit score obtained $10 million in a Sequence C funding, bringing its complete funding to greater than $79 million.HSBC deployed Nova Credit score’s Credit score Passport at HSBC Singapore in Could and plans to broaden its use of the answer later this yr to cowl extra nation bureaus.
Shopper-permissioned credit score bureau Nova Credit score obtained $10 million in a Sequence C funding spherical this week. The funding, which boosts the California-based firm’s complete funds to over $79 million, got here from HSBC Ventures.
Beneath the strategic partnership, Nova Credit score will present HSBC with entry to Credit score Passport, its cross-border credit score knowledge product. Credit score Passport basically interprets client credit score throughout geographical borders, offering residents who’re new to a rustic with entry to monetary merchandise that require credit score, corresponding to loans or mortgages.
By leveraging Credit score Passport, HSBC can have entry to a buyer’s translated credit score historical past, after receiving permission from the shopper. This not solely will increase HSBC’s potential shopper base, but it surely additionally will increase the velocity of the financial institution’s selections.
“Accessing credit score in a new market could be a problem and is one thing we’ve been serving to prospects with for years,” stated HSBC Group Head of Retail Banking and Technique, Wealth and Private Banking Taylan Turan. “We’re excited to be partnering with Nova Credit score, to enhance our means to do that much more, with its revolutionary digital Credit score Passport. We’re proud to be the primary group to supply this to prospects in Singapore.”
HSBC Singapore built-in Credit score Passport in Could, enabling its candidates to supply the financial institution permission to entry their world credit score file and credit score rating. HSBC Singapore’s implementation of the device additionally marked the primary use of Credit score Passport outdoors of the U.S.
HSBC elected to launch the usage of the product in Singapore as a result of 1000’s of its Singapore-based shoppers have lately moved to the nation from India, the place they’ve credit score historical past. The financial institution plans to broaden its use of the answer later this yr to incorporate prospects with a credit score historical past in Australia, the U.Ok., and the Philippines, and plans to cowl extra nation bureaus in 2023.
Nova Credit score launched in 2016 and has since constructed relationships with credit score bureaus in additional than 20 international locations. Partnering with the credit score bureaus has given the corporate consumer-permissioned entry to over one billion credit score profiles. Nova Credit score additionally has partnerships with lenders together with American Categorical, SoFi, Yardi, and Verizon.
Picture by Engin Akyurt