Finova Financial, a Palm Beach Gardens, FL-based cloud and mobile consumer auto title lending platform, raised $52.5m in equity and debt funding.
Backers included MHS Capital, Refactor Capital, Metamorphic Venture, 500 StartUps, Sam Hodges, Jake Gibson, Al Hamra Group, and others. CoVenture provided the credit facility.
The company intends to use the funds to grow its all-digital lending platform.
Founded in 2015 and led by CEO Gregory Keough, Finova Financial is a socially responsible online lender, providing loans based on the equity in a car. Its Car Equity Line of Credit (C-LOC) provides access to capital, and a 12-month pathway back to financial health through an online and mobile platform.
The C-LOC loan is the first in a series of digital financial services products the enterprise is planning to launch.