Finova Financial

lendingother lending

FOUNDING YEAR: 2016
LOCATION: United States
Last Update: 17/07/2020

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About

Working to transform the future of banking on a global scale, Finova Financial develops fair and affordable digital financial technologies to create a more inclusive financial system and provide a path to financial health for the 2 billion people outside of the traditional financial system. Founded in 2015 by a team of financial services, technology and payment experts, Finova is backed by leading Silicon Valley venture capital firms and Wall Street private equity investors.Finova has earned a 4.58 out of 5 stars with Consumer Affairs, was named US Firm of the Year for Lending Innovation by the 2017 Fintech Awards, and was named to KPMGs Fintech 100 list of the worlds leading financial technology innovators in recognition of its mission to design financial services products that offer a powerful alternative to the emergency cash lending marketplace.

MEDICI Analysis

Finova Financial is a lending platform that provides fast affordable loans based on the equity of a vehicle. It has a proprietary credit scoring system. The maximum car equity loan is $5,000. The Finova client portal provides personalized access to their financial dashboard allowing real-time management of financial health.

Focus

PRODUCTS & SERVICES

Finova car equity line of credit services for underserved Americans. Users allow completing the loan process online, instant approval decisions and same day cash funding.

MAIN CLIENTS

Retail investors

COMMENT

The Finova Vehicle Equity Line of Credit provides clients with instant financing decisions, immediate access to capital, and a 12 month runway back to financial health all at costs that are 50% lower than the national average.

People

BOARD MEMBERS AND ADVISORS

Sheel Mohnot

Carl Grant

NUMBER OF EMPLOYEES

11-50

INVESTORS:

500 Startups

Alhamragroup

Compound

CoVenture

Jacob Gibson

MHS Capital

National Financial Holdings

Polymath

Refactor Capital

Sam Hodges

Silicon Valley Bank

KEY EMPLOYEES:

Derek Acree

Momentum

FUNDED

NO

TOTAL FUNDING

$102.5 M

DATE OF LAST FUNDING

Apr 2018

SEED CLOSED ON

Jan 2016

LISTED

NO

Innovation Programs

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