NEW YORK, May 17, 2022 – A new partnership between two pioneering fintechs, Nova Credit and Prodigy Finance, will create more opportunities for thousands of international students to fund their education in the U.S. Prodigy Finance will incorporate Nova’s Credit Passport® solution seamlessly into their loan application process, giving them access to global consumer credit bureau data.
During the 2019-2020 school year, nearly 1.1 million foreign-born students were enrolled at U.S. colleges and universities, representing 5.5% of the total U.S. student population, according to OpenDoors. Beyond being accepted to these institutions, the most challenging step for students pursuing education abroad is obtaining a student loan to support their study abroad. For student loan providers, like Prodigy Finance, measuring potential risk level can be an obstacle, especially as credit reporting differs with each country.
Working with international credit bureaus, Nova Credit offers student loan providers international credit data in the form of a U.S.-equivalent score to help them evaluate applications for student loans faster and more effectively.
“By improving our risk assessment and management with this valuable data from Nova Credit, we can responsibly lend to more students pursuing their education in the U.S. who may otherwise have been left out of both financing and educational opportunities,” said Nico Barnard, Chief Operating Officer at Prodigy Finance. “Our goal is to support students equally, regardless of their country of origin, so that exceptional students pursuing education abroad can access the financial means to realize their aspirations.”
“As a business born from a group of immigrant students studying at a U.S. university, we share a similar goal with Prodigy of enabling the flow of bright minds to the U.S.,” said Collin Galster, Vice President of International at Nova Credit. “We’re excited to work with forward-thinking lenders and are thrilled to have found that with Prodigy Finance. We look forward to working with Prodigy Finance to unlock financing for the education of thousands of international students.”
The partnership will initially focus on students applying from India, but Nova Credit and Prodigy Finance plan to expand the partnership’s offering into additional markets in late Summer 2022. To learn more, visit: www.novacredit.com/business/credit-passport
ABOUT NOVA CREDIT
Nova Credit is on a mission to accelerate financial inclusion and help underserved communities gain access to mainstream credit. The consumer-permissioned credit bureau helps U.S. newcomers to use their international credit history to apply for credit cards, auto loans, rental properties, and more with the Credit Passport®. Through this offering, the company has built partnerships in over 20 countries to gain consumer-permissioned access to over 1.1 billion credit profiles. Today, Nova Credit has expanded to serve all who feel discouraged by the current financial system with its latest offering, Cash Atlas™. The company partners with financial services and tenant screening companies like American Express, Verizon, MPOWER, SoFi, and Yardi. Founded by immigrants, Nova Credit has offices in San Francisco and New York City, and is backed by leading investors including Kleiner Perkins, General Catalyst, and Index Ventures, as well as executives from Goldman Sachs, JPMorgan, and Citi. Learn more at www.novacredit.com
ABOUT PRODIGY FINANCE
Prodigy Finance is revolutionizing the way students and investors see student loans. Fueled by a community of funders, our student borrower base is given the chance to attend the world’s top universities. Over the last decade, our investors have received both a financial and social return, while thousands of students have gained access to higher education through our loans. We ranked 33rd in The Sunday Times Hiscox Tech Track 100, the league table which ranks Britain’s fastest-growing private technology companies. Investors in Prodigy Finance include Index Ventures, Balderton Capital and Credit Suisse.
Rachel Levy V2 Communications on behalf of Nova Credit firstname.lastname@example.org