Finova Financial, a West Palm Beach, Fla.-based provider of fair and affordable digital alternatives for Americans underserved by the traditional banking system, secured $102.5m in equity and credit facility funding.
The round was led by CoVenture with participation from existing investors.
The company intends to use the funds to continue expansion of its digital financial services products.
Led by Gregory Keough, CEO, Finova Financial leverages a proprietary cloud-based digital platform to offer:
– Car Equity Line of Credit (CLOC), providing emergency loans based on car equity, currently available in Florida, California, Tennessee, New Mexico, South Carolina, Oregon and Arizona; and
– Automobile-Secured Prepaid Card, which accepts either cash or car equity to fund the card.