Finova Financial raises $52.5M

What does Finova Financial do?

Finova Financial, is an auto title lending platform. It is a better digital alternative to the traditional title loans. It is a socially responsible online lender who is using modern technology advanced analytics, and has a transparent fee structure for transforming the traditional U.S. Auto Title Lending industry. The company’s line of credit is unique as it provides customers with a runway back to financial health at costs which are fifty perecent lower than the national average. The company’s financial team brings tons of financial services and technology experience in creating a lower costs better digital alternative to the usual title loan.

How much Finova Financial was funded?

Finova Financial, the 1st cloud and mobile based consumer auto title lending platform raised $52.5M on August 10, 2016 from Metamorphic Ventures, Al Hamra Group, CoVenture, Jake Gibson, 500 Startups, Sam Hodges, MHS Capital and Refactor Capital.

Previous funding

Undisclosed amount on January 28, 2016 from Refactor Capital, Jacob Gibson, Al  Hamra Group, Metamorphic Ventures, Sam Hodges,CoVenture, 500 Startups and MHS Capital.

What is next for Finova Financial?

The company plans to use the latest funding raised for growing the industry’s first all digital lending platform, with a social impact emphasis, while delivering up to seventy percent lower cost to the customers. The company is looking forward for working closely with them as they are scaling rapidly, providing the customers the chance of getting back on the track financially.
More about Finova Financial

Finova Financial was found in January, 2016 on Greg Keough and Derek Acree. The company was launched for helping consumers in getting critically needed cash without the traditional barriers of high rates of interest, restrictive payment terms and inconvenient application processes of the auto title lending industry. The company is committed to social impact, they see themselves as an advocate for customer financial well being through better repayment terms, improved credit access and lower costs. The company has done a great job of building the financial technology, to cater to the specific needs of the non and under banked in the country.