SoFi And Nova Credit Boost Partnership, New Cash Flow Analytics To Transform Loan Approvals

SoFi Technologies, Inc. SOFI shares are trading higher on Tuesday. The company expanded its multi-year partnership with Nova Credit.

This enhancement allows SoFi to access consumer-permissioned bank data and cash flow analytics via Nova Credit’s Cash Atlas solution, enabling the company to better serve its members.

Traditional credit reporting evaluates repayment history, while cash flow data provides a real-time view of financial health, allowing lenders to build comprehensive risk profiles.

Since 2020, SoFi has utilized Nova Credit’s services and plans to integrate Cash Atlas into its loan underwriting to enhance credit risk assessment, improve eligibility, and elevate member experience.

Misha Esipov, Co-founder and CEO of Nova Credit, said, “Following 4 successful years working together, this expansion is a great example of our continual innovation and commitment to making that vision a reality. We couldn’t be more excited to continue working with SoFi to enable the power of cash flow analytics to help more people access the financial products they need to achieve their goals.”

Apart from this, SoFi partnered with tennis champion Venus Williams and Los Angeles Sparks forward Cameron Brink to launch the Give Her Credit campaign.

This week, the company announced a $2 billion loan platform business agreement for personal loans with funds managed by affiliates of Fortress Investment Group.

Last week, the company expanded its offerings by launching two new credit cards: the SoFi Everyday Cash Rewards Credit Card and the SoFi Essential Credit Card. 

Investors can gain exposure to the stock via Advisor Managed Portfolios Trenchless Fund ETF RVER and ARK Fintech Innovation ETF ARKF.

Price Action: SOFI shares are up 1.55% at $10.20 at the last check Tuesday.

Image via Shutterstock

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