The Digital Lending Landscape for Newcomers to the U.S.

Every year, millions of people from around the globe legally enter the United States to live and work, only to struggle to line up banking and lending services from traditional financial institutions because newcomers lack standard documentation, credit histories, or credit scores. This has left the door open for fintech players that greet newcomers "at the door"—and sometimes even before they arrive in the United States—with innovative, 100% digital offerings that directly address their banking and lending challenges.

This report provides an overview of the newcomer market; identifies obstacles to serving this segment successfully; profiles four players that have tailored products for specific immigrant groups, including Maza, Novo Credit, Velo, and Zolve; and recommends ways for banks and credit unions to win a share of this evergreen market.