Nova Credit announces the first partnership of its kind with Westlake Financial

SAN FRANCISCO–()–Today, Nova Creditfintech unlocking opportunities for people historically excluded from the credit system and businesses looking to serve them, announced a partnership with Westlake Financial — a technology-based finance company that specializes in acquiring and managing prime and subprime motor vehicle retail contracts — to provide the company with access to Nova Credit’s global credit data. As Nova Credit’s first and only partnership in the automotive industry, this joint venture will enable Westlake to provide the industry’s best auto loan offers to more than one million immigrants – or “newcomers” – who arrive in the United States every year.

More than one million immigrants arrive in the United States each year, according to the Pew Research Center, and immigration is predicted to drive 82% of new population growth by 2050. Yet the lack of a national credit history means that millions of recent arrivals only appear as no or limited record when applying for financial services, such as car financing. For newcomers who cannot obtain a loan, access to a car or transport is all the more difficult, which limits their potential for success upon arrival. For auto lenders, the lack of a credit score makes it harder to know the potential risk levels of the people they lend money to, which limits their own potential for growth.

Nova Credit works with 16 country offices – such as Brazil, Mexico and India – to gain access to financial information that allows them to translate international credit data into an equivalent score in the United States and report in a format familiar to US underwriters, who use it to assess applications for credit products. Through this partnership, Westlake will have 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 without additional risk.

“Constant innovation is one of Westlake’s core values, so opening up another avenue for potential clients through a first-of-its-kind partnership with Nova Credit aligns with our strategy for the future,” said Ian Anderson, Group Chairman, Westlake Technology Holdings. “This unique partnership with Nova Credit not only allows us to expand our reach, but also allows us to help newcomers realize their potential here in the United States. Being a part of that is really rewarding.

“Despite their efforts to build their credit overseas, millions of newcomers each year struggle to access the products and services they need to start a new life in the United States,” said the co-founder and CEO. of Nova Credit, Misha Esipov. “We have seen a huge need in the area of ​​auto finance and with partnerships like this we are able to help newcomers ease the stress of navigating auto related finances after having moved overseas. We are delighted to be working with Westlake on this partnership and look forward to our continued work with them.”

The digital-first offer will be available to applicants on the Westlake website or users can start on the Nova Credit referral homepage. To learn more about the partnership, the countries covered or to apply, visit: www.novacredit.com/partner/westlake-financial.

About Credit Nova

Nova Credit opens financial opportunities for people historically excluded from the credit system. With a bold vision to assemble global credit data into a single network, Nova Credit began by serving the financial needs of immigrants to the United States by enabling them to apply for financial services using their international credit history in over 15 country of the world. The company has since expanded to help those who do not have enough history to access credit services. The real-time delivery of this reliable data by Nova Credit allows banks, lenders and telecommunications companies to instantly serve immigrants faster and more fairly. Based in San Francisco and built on a mission to power a fair and inclusive financial system for the world, the company was founded by immigrants and is backed by leading investors including Kleiner Perkins, General Catalyst and Sound Ventures. Learn more about www.novacredit.com.


About Westlake Technology Holdings

Westlake Technology Holdings is an automotive and financial technology company headquartered in Los Angeles, California with approximately $12.14 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail contracts through a nationwide network of new and used automobile and powersports dealerships. Westlake also offers loan portfolio purchases, credit facilities and portfolio services through its Advanced Lending & Portfolio Services (ALPS) division, www.WestlakeALPS.com; floor plan lines of credit are provided by its Westlake Flooring Services division, www.WestlakeFlooringServices.com; cash flow shared auto lending through Westlake’s wholly-owned subsidiary, Western Funding Inc., a Nevada-based auto lender; indirect auto leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer securities lending is offered through Westlake’s wholly-owned subsidiary, Loan Center, loancenter.com; and commercial real estate loans are offered by Westlake Capital Finance.

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