American Express will work with Nova Credit to provide expanded access to credit for citizens of Brazil, Dominican Republic, Kenya and Nigeria who have moved to the United States
Announced Tuesday, December 7, the digital capability, called The Credit Passport, will help these people access their international credit history and provide them with new Amex cards to help them build a credit history in the United States.
The work of Nova Credit is based on obtaining better opportunities for people who are generally excluded from the credit system.
As international credit history is not always accepted by organizations in the United States, this service offers immigrants from the aforementioned countries a new way to build up consumer credit.
The credit passport will be integrated into the Amex online card application process, translating an applicant’s credit report from certain international agencies into an equivalent US credit report and score.
âOur work with American Express over the past two years has shown us the tremendous impact of access to financial services on newcomers,â said Misha Esipov, co-founder and CEO of Nova Credit. âNova Credit now has the ability to help even more newcomers achieve financial success as they navigate the tumultuous immigration process – supporting our ultimate mission for newcomers to arrive and thrive. “
Meanwhile, Sara Milsten, senior vice president, new member acquisition, US consumer services at American Express, said the partnership had “helped remove a credit barrier that expats and immigrants to the United States have been facing. historically faced “.
By removing it, Milsten said more people could move on and boost their financial confidence.
PYMNTS writes that Amex’s Global Business Travel was ready to be listed on the New York Stock Exchange through a deal with Apollo Strategic Growth Capital, a Special Purpose Acquisition Company (SPAC).
The deal would be the largest publicly traded business-to-business (B2B) travel platform and value the company at $ 5 billion, with the deal expected to generate gross proceeds of around $ 1.2 billion.
Read more: Amex Global Business Travel to Go Public Under SPAC Agreement