Florida Fintech Finova Financial Secures $102.5 Million In Equity & Credit Facility Funding

Florida fintech firm Finova Financial announced on Tuesday it has secured $102.5 million in equity and credit facility funding. The financing was led by CoVenture with participation from existing investors. While sharing details about the funds, CEO of Finova Financial, Gregory Keough, stated:

“70 million Americans spend $141 billion on alternative financial services a year because they don’t have or want a relationship with traditional banks or financial institutions. This rapidly growing group feels that traditional financial services companies can’t solve their core financial needs. Finova is using advanced technologies and designing innovative new financial products to serve the needs of this large and growing population. Finova’s proprietary platform delivers an all-digital financial product and experience that fits the lifestyle of the 28% of Americans—and growing—outside the formal financial system.”

Finova’s current digital products include its Car Equity Line of Credit (CLOC) and Automobile-Secured Prepaid Card. Its services are available in Florida, California, Tennessee, New Mexico, South Carolina, Oregon and Arizona. Speaking about the investment, CoVenture Managing Partner, Ali Hamed, added:

“We look at many FinTech companies but Finova has built an incredible all-digital technology platform that consumers really like and has experienced amazing traction in a short period of time. Finova has created a customer-centric focus for Americans outside the formal financial system that is driving strong growth, rapid consumer adoption, and opportunities for rapid national expansion, which I think is what the future of banking will look like.”

 

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