Building income verification and cashflow underwriting

Misha Esipov is the co-founder and CEO of Nova Credit. In this episode of The Eric Ries Show, I talk with Misha about what it takes to build a company inside one of the hardest parts of finance to break into.

Misha immigrated to the United States from the Soviet Union as a child and watched his parents rebuild their lives from scratch. Years later, after a conventional path through math, finance, and business school, that experience resurfaced as a question that wouldn’t let go. Why do capable people lose access to credit simply because they cross a border?

Nova Credit began by tackling that problem directly, starting with international students and immigrants who were being shut out of the system. Then the pandemic hit. Immigration stopped, and the company’s core market disappeared almost overnight.

Misha shares what it was like to lead through that moment, how crises clarify where leaders should focus their energy, and how Nova Credit found a way forward without abandoning its original purpose.

If you’re interested in entrepreneurship and what it really takes to build something that lasts, this conversation is for you.

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Where to find Misha Esipov: 

• LinkedIn: https://www.linkedin.com/in/mishaesipov 

• X: https://x.com/MishaEsipov

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Where to find Eric:

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In This Episode We Cover:

(00:00) Intro

(01:47) How Misha immigrated to the United States and found his path to entrepreneurship 

(03:30) Summers in the Soviet Union and why so many scientists left 

(06:01) Why Misha studied math and entered finance 

(07:06) What Misha noticed was different when he moved to the West Coast

(08:22) How Nova Credit got started and why international students couldn’t access credit

(12:03) Steve Blank’s approach to interviewing 

(13:11) Why Nova Credit intentionally started with a small market

(15:52) What credit bureaus do and what it’s like entering a highly regulated industry

(18:00) The leap of faith required to build this kind of business

(22:16) What inspired Misha to take the leap

(24:13) How the pandemic upended Nova Credit’s business

(28:01) How Nova Credit responded when immigration came to a halt

(31:00) What it was like trying to rebuild while losing momentum and people

(36:24) How customer conversations guided the rebuild

(38:37) Why Nova Credit added a new focus without abandoning the original

(41:32) How Nova Credit’s products came together as a platform

(43:13) What Nova Credit’s evolved mission became

(45:05) How trust is built with consistency 

(47:51) Where Nova Credit is today

(49:29) Why Nova Credit focuses on principles over politics

(52:20) The importance of building for the long term 

(53:47) Why consistency only works when paired with value and mission

(59:57) Misha’s advice for aspiring entrepreneurs

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You can find episode references at ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://www.ericriesshow.com/⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠

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Production and marketing by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Pen Name⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠.

Eric may be an investor in the companies discussed.