Fintech Company Finova Financial Secures $102.5 Million

Finova Financial announced it has secured $102.5 million in financing led by CoVenture.

Finova Financial is a socially responsible lender that provides fast, affordable, car-equity based loans to the 70 million financially underserved Americans that spend $138 billion in fees and interest annually. Finova’s Car Equity Line of Credit (C-LOC) costs 70% less than the current national average, provides instant access to capital, and a 12-month pathway back to financial health, online, mobile, anywhere, 24/7.

Finova clients benefit from the ability to complete the loan process online, instant approval decisions, and same-day cash funding. Payments can be made from the convenience of any computer or mobile device and at 32,000 U.S. retail locations.

The proceeds will be used to continue Finova’s expansion of its digital financial services products to transform the future of banking.