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Florida-based Finova Financial scored $52.5m in a combined equity and credit facility funding, led by Silicon Valley and international venture capital firms including MHS Capital, Refactor Capital and Metamorphic Venture. Founded in 2015, Finova’s funding will be used to grow an all-digital lending platform serving the auto title loan marketplace, with a social-impact emphasis, while delivering up to 70% lower cost to consumers.
“Finova Financial was launched to help consumers get critically-needed cash without the traditional barriers of high interest rates, inconvenient application processes and restrictive payment terms of the auto title lending industry,” commented CEO Gregory Keough. “As a company committed to social impact, we see Finova Financial as being an advocate for consumer financial well-being through improved access to credit, better repayment terms and lower costs.”
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