Nova Credit’s consumer-permissioned data and analytics solution, Cash Atlas, will be leveraged by SoFi to bolster loan underwriting
Nova Credit, a leading credit infrastructure and analytics company, today announced an expansion of its multi-year relationship with SoFi, the one-stop shop for digital financial services. This expansion enables SoFi to access consumer-permissioned bank data and cash flow analytics through Nova Credit’s Cash Atlas™ solution, giving SoFi the ability to better serve its members.
While traditional credit reporting helps lenders assess an individual’s history of repayment, cash flow data provides a more real-time and granular view of a consumer’s financial health, allowing lenders to generate a more complete risk profile for consumers across the credit spectrum.
SoFi, which has used Nova Credit’s services since 2020, intends to implement Cash Atlas™ in its loan underwriting to assess credit risk, improve credit eligibility, and enhance its members’ experience.
“SoFi and Nova Credit have long shared the goal of providing greater financial opportunities to more people,” said Misha Esipov, Co-founder and CEO of Nova Credit. “Following 4 successful years working together, this expansion is a great example of our continual innovation and commitment to making that vision a reality. We couldn’t be more excited to continue working with SoFi to enable the power of cash flow analytics to help more people access the financial products they need to achieve their goals.”
About Nova Credit
Nova Credit is a credit infrastructure and analytics company that enables businesses to grow responsibly by harnessing alternative credit data. The company is a CRA that leverages its unique data infrastructure, compliance framework, and credit expertise to help lenders fill in the gaps that exist in traditional credit analytics. Nova Credit provides access to the fragmented universe of consumer financial data and transforms it into compliant, actionable risk analytics through a suite of solutions designed to increase conversion through expanded coverage, speed, and reliability. Leading organizations, such as American Express, Verizon, HSBC, RBC, SoFi, Scotiabank, Appfolio, and Yardi, work with Nova Credit to make smarter credit decisions through cash flow underwriting with Cash Atlas™, quickly and accurately verify income with Income Navigator, and reach new-to-country consumers with Credit Passport®. Learn more at https://www.novacredit.com or reach out to connect@novacredit.com.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for digital financial services on a mission to help people achieve financial independence to realize their ambitions. The company’s full suite of financial products and services helps more than 8.8 million SoFi members borrow, save, spend, invest, and protect their money better by giving them fast access to the tools they need to get their money right, all in one app. SoFi also equips members with the resources they need to get ahead – like credentialed financial planners, exclusive experiences and events, and a thriving community – on their path to financial independence.
SoFi innovates across three business segments: Lending, Financial Services – which includes SoFi Checking and Savings, SoFi Invest, SoFi Credit Card, SoFi Protect, and SoFi Insights – and Technology Platform, which offers the only end-to-end vertically integrated financial technology stack. SoFi Bank, N.A., an affiliate of SoFi, is a nationally chartered bank, regulated by the OCC and FDIC and SoFi is a bank holding company regulated by the Federal Reserve. The company is also the naming rights partner of SoFi Stadium, home of the Los Angeles Chargers and the Los Angeles Rams. For more information, visit SoFi.com or download our iOS and Android apps.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241015074724/en/
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Sarah Levine
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