We’re incredibly excited for our portfolio company Nova Credit to have entered into a collaboration with Yardi, the leading provider of high-performance software solutions for the real estate industry. Through this partnership, Nova Credit and Yardi will provide property managers with seamless access to international credit reports from around the world.
This collaboration will help property managers and owners drive up unit occupancy by being able to accept immigrant applicants without an onerous and paper-based screening process. Most importantly, it helps millions of immigrants who recently moved to the U.S. access housing more easily and equitably across the country.
Nova Credit is part of the 2018 Moderne Passport Class and has recently raised $16M in funding from General Catalyst, Index Ventures, Y Combinator and others, receiving backing from former American Express CEO Ken Chenault in the process. At Moderne Ventures, we are believers in the importance of collaboration between technology startups and corporate real estate players. Nova Credit’s partnership with Yardi as well as their existing partnership with First Advantage is indicative of the power of such partnerships. Combined, corporates and startups are scaling solutions across the property management industry.
46 million immigrants live in the United States today, and 10 million alone have arrived in the last 10 years. Given the scale of this segment, changes to screening processes for immigrants are long overdue.
Although a clear opportunity for the industry, prompting incumbents to adopt new technology takes time, partnerships, and persistence. We knew we had to find a team with the ability to drive the vision of unlocking the rental market for immigrants to reality. When we met Misha, Nicky & Loek, we knew they were the right people to solve this problem. As immigrants, all three co-founders experienced the problem first hand, and so did many of their team members.
We’re excited for what lies ahead for Nova Credit. The team has built technology that will have an enormous impact on the lives of eventually millions of people as they build a new life wherever they move around the globe.
About Nova Credit
Lack of a domestic credit history keeps millions of immigrants from realizing their dreams. The Nova Credit team hails from all over the world and experienced firsthand the challenge of not having a domestic credit history, which can prevent access to housing, credit and other services. Nova Credit provides a solution that enables immigrants to share their credit history from their home country with financial service providers and others, unlocking new consumers for lenders, property managers and other businesses as well as new futures for immigrants. The team is based in San Francisco and backed by General Catalyst, Index Ventures, First Round Capital, Moderne Ventures, NYCA, Core Innovation Capital and Y Combinator. To learn more visit www.novacredit.com.