Finova Financial
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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.
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:
KEY EMPLOYEES:
Derek Acree
Momentum
FUNDED
NO
NUMBER OF FUNDING ROUNDS
2
TOTAL FUNDING
$102.5 M
DATE OF LAST FUNDING
Apr 2018
ESTIMETED REVENUE RANGE
$10M to $50M
SEED CLOSED ON
Jan 2016
LISTED
NO
Innovation Programs
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