Finova Financial, an auto title lending platform, has raised $52.5m in fintech funding, an investment deemed to be one of the largest initial rounds in the history of fintech.
The fund, which is a combination of equity and debt, will be used to grow what Finova terms as “the industry’s first all-digital lending platform serving the auto title loan marketplace”.
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Investors participating in the funding round include MHS Capital, Refactor Capital, Metamorphic Venture, 500 StartUps, and Al Hamra Group.
Funding Circle co-founder and managing director Sam Hodges, and NerdWallet co-founder Jake Gibson were among the individual investors. CoVenture offered the credit facility.
Finova CEO Gregory Keough said: “Finova Financial was launched to help consumers get critically-needed cash without the traditional barriers of high interest rates, inconvenient application processes and restrictive payment terms of the auto title lending industry.
“As a company committed to social impact, we see Finova Financial as being an advocate for consumer financial well-being through improved access to credit, better repayment terms and lower costs.”
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