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Nova Credit Expands into Canada, Partnering with Scotiabank as First Canada-Based Bank to Serve Newcomers with Global Credit Underwriting

Continued international expansion makes Nova Credit the first consumer-permissioned credit bureau to solve cross-border credit challenges for Canada-bound newcomers

NEW YORK, July 25, 2023--(BUSINESS WIRE)--Today Nova Credit, the world’s leading consumer-permissioned credit bureau, and Scotiabank have partnered to serve Canadian newcomers as Nova Credit becomes the first, and only, cross-border credit bureau to operate in Canada. With this news, Scotiabank will be the first Canadian-based bank to offer prospective customers the ability to share their foreign credit reports when applying for Scotiabank products, powered by Nova Credit’s Credit Passport® which unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations.

Canada is home to over eight million immigrants and will welcome nearly 1.5 million permanent residents over the next three years. More than 1 in 5 Canadian residents are foreign-born, and government figures show that more than 95% of the country’s population growth last year was due to international migration. However, historically, Canada’s new-to-country individuals have had no way to carry over their credit history, resulting in challenges with accessing financial services that often require credit checks like credit cards, auto loans, or cell phone plans.

Scotiabank is the first Canadian-based bank to implement Credit Passport®, offering newcomers to Canada the ability to leverage Nova Credit’s technology, which enables credit records from supported international credit reporting agencies to be instantly translated into a Canada-equivalent credit report and score during the online credit application process.


"Partnering with Nova Credit creates another opportunity for Scotiabank to support our customers, remove hurdles, and clear a path for newcomers to make a smooth transition to their new life in Canada," said Tracy Gomes, Senior Vice President, Retail Customer Value, Scotiabank. "With Nova Credit’s Credit Passport®, newcomers will be able to share their credit history with us digitally, instantly, and seamlessly, giving them access to the credit they've earned before coming to Canada and making it possible for Scotiabank to break down barriers for them to achieve their financial goals."

Nova Credit’s Credit Passport® unlocks cross-border credit bureau data to help consumers overcome these challenges and enable lenders to underwrite new-to-country consumers. Credit Passport® is seamlessly and securely integrated into a financial institution’s credit application process so newcomers can opt in to share their home-country credit information to be approved for products in Canada. From there, Credit Passport® provides the consumer’s credit history and an equivalent score that Nova Credit’s network of lenders and partners can leverage to make more real-time application approvals to audiences that were previously excluded.

"Canada’s population growth ranked the highest among the G7 countries thanks to immigration. With its history as a world-leading, multicultural community for both its people and its businesses, Canada continues to be a significant attractor of international talent," said Misha Esipov, co-founder and CEO of Nova Credit. "The innovative efforts to effectively bring value to this growing newcomer population are clearly demonstrated by organizations like Scotiabank whose cultural fabric prioritizes financial innovation. We are excited to be partnering with Scotiabank on such an important initiative, and look forward to making a meaningful impact on the Canadian immigrant population together."

This agreement builds on Scotiabank’s ongoing commitment to support newcomers, including through the Scotiabank StartRight® Program which provides personalized support to newcomers, and ScotiaRISE, a 10-year, $500 million community investment initiative to promote economic resilience among disadvantaged groups including helping newcomers feel at home faster.

As one of the fastest growing demographics in Canada, newcomers are a critical consumer segment for any lender looking to maintain and grow market share. With the company operating in seven Canadian provinces – including Alberta, British Columbia, Manitoba, Newfoundland and Labrador, Nova Scotia, Ontario and Saskatchewan – Nova Credit can now provide Canadian lenders, like Scotiabank, with the tools needed to effectively reach this growing segment.

"Canada is a global leader in protecting the financial rights and privacy interests of consumers, and sets a high bar for any business seeking to operate as a credit reporting agency," said Collin Galster, VP of International at Nova Credit. "We’ve made the investments needed to meet that high bar, and we’re proud to support Scotiabank to better serve this mission-critical segment by making more informed decisions at a greater scale."

The program will first launch in the Greater Toronto Region with the intent of expanding availability to customers across Canada.

This news comes on the heels of the Nova Credit’s expansion into the U.K., furthering the company’s ability to serve migrant corridors around the globe and bringing greater accessibility of credit services to the country’s thriving immigrant population.

To learn more about Canada’s first cross-border credit bureau, visit:

For more financial resources for newcomers, visit:


Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of over 90,000 employees and assets of over $1.3 trillion (as at April 30, 2023), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit and follow us on Twitter @Scotiabank.


Nova Credit is a consumer-permissioned credit bureau with two products that help businesses make more fair and informed decisions on millions of ‘thin file’, no credit history, or new-to-country applicants. The Credit Passport® unlocks cross-border credit bureau data to help businesses underwrite new-to-country newcomer populations. The Cash Atlas™ provides greater insight into the cash flows of any applicant, including verifying their income with greater precision than alternatives. Businesses use these products to approve more applicants without taking on more risk, and consumers are empowered to put their best foot forward in their applications. The company’s differentiated data sources and proprietary analytics are used by leading organizations like American Express, Verizon, HSBC, SoFi, and Yardi. Nova Credit is backed by investors including Kleiner Perkins, General Catalyst, Index Ventures, and Canapi as well as executives from Goldman Sachs, JPMorgan, and Citi. Learn more at or reach out to

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Rachel Levy
V2 Communications on behalf of Nova Credit

Alen Sadeh