Finova Financial, a West Palm Beach, Florida- and San Francisco, CA-based socially responsible online lender, raised a seed funding round of undisclosed amount.
Backers included Silicon Valley-based investment fund 500 Startups and other angels and entrepreneurs.
Finova leverages technology, analytics and a fee structure to provide consumers with a socially responsible online lending platform. The company’s vehicle equity line of credit provides consumers with quick financing decisions, access to capital, and a runway back to financial health. The solution, which is accessible from any computer or smartphone, is based on the Finova Score, a proprietary constantly learning credit scoring system designed to assess consumers with bad or no credit allowing the company to make a quick funding decision and provide the consumer with access to funds in as little as 15 minutes.
The company, which is led by Mr. Gregory Keough and Mr. Derek Acree Esq., respectively CEO and Chief Operating and Legal Officer of National Financial Holdings, CEO the parent company of Finova Financial, says that its loans cost 50% lower than the national average.