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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Mitek Systems, Inc.    MITK


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Mitek partners with Nova Credit to help immigrants establish U.S. credit in minutes, not years

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09/23/2020 | 10:01am EDT

SAN DIEGO, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Mitek (NASDAQ: MITK, www.miteksystems.com), a global leader in mobile capture and identity verification software solutions, has partnered with Nova Credit, the premier cross-border consumer credit reporting startup, to help immigrants to the United States use their international credit to quickly and securely establish a U.S. credit history.

Recent data released by the Pew Research Center shows that non-U.S. born residents make up almost 14 percent of America’s current population, while there are almost 15 million temporary or permanent legal residents currently in the country. These individuals are over-represented amongst the “credit invisible” population, and face an uphill battle to access products and services in the U.S. despite often having a well-established financial history in their previous country of residence.

“As a dual citizen who was once an immigrant to the U.S. myself, I know firsthand how intimidating it can be to create a new life in a new country,” says Mitek Vice President Cindy White. “I’m inspired by Nova Credit’s solution and thrilled that Mitek can help newcomers more easily verify their identity so that they can establish credit to open accounts, ensuring trust and convenience for all."

Nova Credit partners with leading credit bureaus and data partners around the world to deliver international credit and bank transaction data to lenders in the United States, translating this data into a U.S.-equivalent credit score. Through its Credit Passport®, Nova Credit accelerates the integration of these consumers into the U.S. financial system. In the past, it would have taken roughly five years to build home country-equivalent credit history for consumers new to the United States.

By integrating Mitek’s Mobile Verify® identity verification technology into its system, Nova Credit now also allows lenders to identify and mitigate risk to comply with current U.S. Know Your Customer (KYC) regulations. Using the Nova Credit mobile-first system with Mobile Verify, an applicant can easily verify their identity on their smartphone by submitting a photo of their government-issued ID and selfie, and lenders can quickly and reliably analyze these submissions to prevent fraud.

"The world has become more interconnected than ever, yet financial institutions still find it difficult to access and verify consumer’s data when they move countries,” says Nova Credit CEO Misha Esipov. “Our new partnership with Mitek not only makes it easier for newcomers to apply for these products online, it also simplifies KYC requirements for banks.”

With hundreds of AI-based analytics, computer vision algorithms and biometric facial comparison, Mobile Verify® is a next generation digital identity verification service designed for the world’s leading marketplace and sharing platforms, banks and financial services organizations. Mitek’s layered approach to identity document verification combines smart automation with the expertise of forensic agents as a fast and accurate way to verify the identities of consumers.

Learn more about Mitek’s Mobile Verify® technology here.

About Mitek
Mitek (NASDAQ: MITK) is a global leader in mobile capture and digital identity verification built on the latest advancements in computer vision and artificial intelligence. Mitek’s identity verification solutions enable organizations to verify an individual’s identity during digital transactions to reduce risk and meet regulatory requirements, while increasing revenue from digital channels. More than 7,500 organizations use Mitek to enable trust and convenience for mobile check deposit, new account opening and more. Mitek is based in San Diego, Calif., with offices across the U.S. and Europe. Learn more at www.miteksystems.com

About Nova Credit
Nova Credit is the premier cross-border credit reporting agency. The lack of a domestic credit history keeps millions of immigrants in the United States from realizing their dreams. The award-winning fintech helps newcomers to the U.S. apply for financial services using their international credit history from countries including Australia, Brazil, Canada, India, Mexico, Nigeria, South Korea, and the United Kingdom. Nova Credit translates international credit data into a U.S.-equivalent score and report in a format familiar to select American underwriters, who use it to evaluate applications for credit products. Founded by immigrants, the firm has a diverse team from around the globe who are creating a world beyond borders to help newcomers arrive and thrive. Learn more at www.novacredit.com.

Angela M. Romei 
Corporate Communications Director  

Ed Cruz 
LEWIS for Mitek 

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© GlobeNewswire 2020

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Financials (USD)
Sales 2020 97,5 M - -
Net income 2020 4,97 M - -
Net Debt 2020 - - -
P/E ratio 2020 121x
Yield 2020 -
Capitalization 583 M 583 M -
Capi. / Sales 2020 5,97x
Capi. / Sales 2021 5,04x
Nbr of Employees 278
Free-Float 96,7%
Duration : Period :
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Mean consensus BUY
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Average target price 13,67 $
Last Close Price 14,11 $
Spread / Highest target 6,31%
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Scipio Maximus Carnecchia Chief Executive Officer & Director
Bruce E. Hansen Chairman
Jeffrey C. Davison Chief Financial Officer
Stephen Ritter Chief Technology Officer
Alex W. Hart Independent Director
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