Finova's Innovative Online Lending Platform is the future of the Title Lending industry.
San Fransico, CA & West Palm Beach, FL (PRWEB) January 27, 2016
After a year in stealth mode Finova Financial, http://www.FinovaFinancial.com, announced its launch today along with a round of funding from prominent Silicon Valley investment fund 500 Startups. Finova is a socially responsible online lender using modern technology, advanced analytics and a transparent fee structure to transform the traditional $5.3 Billion US Title Lending industry. The Finova vehicle equity line of credit is unique in the industry in that it provides consumers with instant financing decisions, immediate access to capital, and a runway back to financial health, all at costs that are 50% lower than the national average. Finova provides consumers access to credit 24 hours a day, 7 days a week, and is accessible from any computer or smartphone. Founded by fintech veterans the Finova Financial team brings more than 100 years of technology and financial services experience in creating a lower cost better digital alternative to the traditional title loan.
While the company spent most of the past year developing their proprietary title lending technology platform, since October 2015 they have been lending to consumers and have seen a tremendous demand for their product. Mr. Gregory Keough, CEO of National Financial Holdings (the parent company of Finova Financial) commented, “The traditional title lending industry is broken and in desperate need of disruption. Consumers clearly prefer an online more automated approach that allows for much lower costs than the traditional industry.” Mr. Keough is a serial entrepreneur who has started and sold several successful fintech companies over the past 25 years. Prior to his role as CEO of National Financial Mr. Keough was formerly the CEO of MFS a global JV between MasterCard and Telefonica for mobile financial services, Mr. Keough added, “As a long time proponent of the benefits of financial inclusion, I left my corporate job because it was clear to me that we could reinvent an industry and have a positive impact on the lives of millions by offering a better product design, transparent pricing structure, lower costs, and a pathway back to financial health.”
Finova also announced that 500 Startups, a leading global venture capital fund and startup accelerator that manages $200M in assets which has invested in many leading technology start-ups, has made an investment in the Company. Mr. Derek Acree Esq., Chief Operating and Legal Officer of National Financial Holdings, joined Mr. Keough in the launch of Finova added, “We are excited to have received an investment from 500 Startups and become part of the 500 Startups family. As a top tier Silicon Valley venture capital firm they make for an ideal partner as we continue to grow our business nationally.”
About Finova Financial:
Finova Financial, http://www.FinovaFinancial.com, is a socially responsible technology based lender that is transforming the traditional $5.3 Billion U.S. Title Lending market by applying modern technology, advanced analytics, and a transparent fee structure. Finova clients benefit from instant financing decisions, loan costs that are 50% lower than the national average, immediate access to capital and a pathway to financial health all optimized for the internet and mobile devices.
Key to this process is the Finova Score, our proprietary constantly learning credit scoring system designed to assess consumers with bad or no credit which allows us to make a funding decision immediately and provide the consumer with access to funds in as little as 15 minutes. Finova's Vehicle Equity Line of Credit (VELOC) breaks the traditional 30 day title loan debt trap and provides consumers with a runway back to financial health. Finova has offices in West Palm Beach and San Francisco and is backed by 500 Startups among other highly regarded angels and entrepreneurs.
Media Contact: Olga Amraie, Finova Financial, Tel: 844-209-9089, Email: Olga(at)FinovaFinancial(dot)com