Finova Financial builds fair, affordable digital financial technologies and has deployed consumer-facing financial products. The company reports millions in revenue and rapid growth. Finova has raised over $100M in venture capital and private equity. It aims to create a more inclusive financial system and provide a path to financial health for the roughly 2 billion people outside the traditional financial system. Management is pursuing tokenization and new capital-raising models — notably the JOBS Crypto Offering (JCO) and security tokens — to enable alternative liquidity pathways. Founded in 2015, Finova is working with industry partners and the Institute for Blockchain Innovation to establish standards for tokenized offerings. Finova Financial builds all-digital financial products aimed at Americans underserved by traditional banks, focusing on affordable alternatives to high‑cost short‑term credit. Its flagship product is the Car Equity Line of Credit (CLOC), which offers fast emergency loans based on car equity and operates in Florida, California, Tennessee, New Mexico, South Carolina, Oregon and Arizona. Finova also offers an Automobile‑Secured Prepaid Card that can be funded with cash or car equity to help consumers avoid check‑cashing fees and receive paychecks faster. The company’s proprietary cloud‑based platform enables instant online pre‑qualification and payment‑against‑principal features, and CLOC has earned Consumer Affairs partner accreditation for delivering up to 50% lower cost than the national average on title loans. Management says the products target roughly 28% of Americans outside the formal financial system and about 50% of Americans without $400 for emergencies. The company positions its technology and product suite for rapid national expansion to serve this underserved population. Finova Financial operates an industry-first cloud- and mobile-based auto title lending platform that delivers its Car Equity Line of Credit (C-LOC) product. The C-LOC is marketed as costing about 70% less than the current national average and provides a 12-month pathway back to financial health. The company emphasizes social impact and improved access to credit for the roughly 70 million financially underserved Americans. Finova plans to expand its all-digital lending platform and roll out additional digital financial services aimed at underserved consumers globally. The platform is intended to eliminate traditional high interest, inconvenient application processes and restrictive payment terms common in the auto title lending market. Finova was founded in 2015 and highlights cloud-native, around-the-clock access to capital via its online and mobile channels. Finova Financial operates a socially responsible online lending platform that uses technology, analytics and a fee structure to provide consumers with quick financing decisions. Its core product is a vehicle equity line of credit that the company says offers fast access to capital and a runway back to financial health. The platform is accessible from any computer or smartphone and is driven by the Finova Score, a proprietary, constantly learning credit-scoring system designed to assess consumers with bad or no credit. That system enables Finova to make quick funding decisions and provide access to funds in as little as 15 minutes. The company states its loans cost 50% lower than the national average. Leadership cited in the article includes Gregory Keough (CEO) and Derek Acree Esq. (Chief Operating and Legal Officer of National Financial Holdings, the parent company).

Total raised

$155M

Funding rounds

6

Latest round

Equity

Latest activity

Oct 2017