Besides IPOs in 2019, what do Uber, Slack, and Zoom have in common? At least one co-founder who is an immigrant on American soil. According to Pitchbook, foreigners — both entrepreneurs and employees — play a fundamental role in the growth of high-performance companies within the ecosystem.
As the American government takes measures that hinder the legalization of immigrant labor and access to credit for these individuals, startups and investors have been leading initiatives to minimize the damage caused by such decisions.
One example is Envoy Global, the creator of an immigration management platform that helps companies hire and manage immigrant talent. According to research conducted by the company, 80% of the businesses they serve intend to maintain or increase the number of foreign employees.
Operating in the credit space, Nova Credit is a platform that retrieves and shares immigrants' financial history from their home countries, then aligns it with American financial institutions. The service facilitates everything from access to credit cards to residential leases. In 2018, the San Francisco-based startup raised $16 million from investors including Index Ventures, First Round Capital, and Y Combinator.
Text by Pedro Waengertner