FintekNews Deal of the Day – Finova Financial Raises $52.5M

Are you inundated with as many car title television ads in your part of the world as we are in Atlanta?  Now there’s a new online venture that aims to bring car title loans down via their digital platform with a 30% maximum APR and payment portals available online and in person at WalMart and over 30,000 MoneyGram locations.  Finova Financial, a Florida-based online auto title lending company, has raised $52.5M from 9 investors, including 500 Startups.

According to their Crunchbase listing, “Finova Financial, (“Finova”), is a socially responsible online lender using modern technology, advanced analytics, and a transparent fee structure to transform the traditional $5.3 Billion U.S. Auto Title Lending industry.

The Finova car line of credit (C-LOC) is unique in the industry as it provides consumers with a runway back to financial health at costs that are 50% lower than the national average. Founded by fintech veteran Gregory Keough the Finova Financial team brings tons of technology and financial services experience in creating a lower cost better digital alternative to the traditional title loan.”

Total Equity Funding
$52.5M in 2 Rounds from 9 Investors

Most Recent Funding
$52.5 Million on August 10, 2016 / Undisclosed Round

Read Full Listing at Crunchbase