American Express will be working with Nova Credit to offer expanded credit access to citizens of Brazil, the Dominican Republic, Kenya and Nigeria who have moved to the U.S.
Announced on Tuesday (Dec. 7), the digital capability, called The Credit Passport, will help those people access their international credit history and provide them with new Amex cards to help build a U.S. credit history.
Nova Credit’s work is based on getting better opportunities for people usually locked out of the credit system.
As international credit histories are not always accepted by organizations in the U.S., this service provides immigrants from the aforementioned countries with a new way to build consumer credit.
The Credit Passport will be integrated into the Amex online card application process, translating an applicant’s credit record from some international agencies into an equivalent U.S. credit report and score.
“Our work with American Express over the past two years has shown us the sheer impact access to financial services has on newcomers,” said Misha Esipov, co-founder and CEO of Nova Credit. “Nova Credit now has the ability to help even more newcomers experience financial success as they navigate the tumultuous process of immigration — supporting our ultimate mission for newcomers to arrive and thrive.”
Meanwhile, Sara Milsten, senior vice president, new member acquisition, U.S. consumer services at American Express said the partnership had “helped to remove a roadblock to credit that expats and immigrants to the U.S. have historically faced.”
By removing it, Milsten said more people would be able to go places and build financial confidence.
PYMNTS writes that Amex’s Global Business Travel was prepared to list on the New York Stock Exchange through a deal with Apollo Strategic Growth Capital, a special purpose acquisition company (SPAC).
The deal would make for the biggest publicly traded business-to-business (B2B) travel platform and would value the company at $5 billion, with the deal expected to garner around $1.2 billion in gross proceeds.
Read more: Amex Global Business Travel to Go Public in SPAC Deal
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