Finova Financial, an online lending platform, has bagged a strategic investment from Polymath, for an undisclosed amount.
Through the partnership, Finova will use the Polymath platform and ST-20 standard to support the launch of its security token offering.
Finova Financial is an online lending platform which helps to provide borrowers access to capital by using the consumer’s car as security. The platform offers loans on a 12-month term, with a maximum APR of 30 per cent.
Founded in 2015, the company also has a prepaid card, which users are able to transfer funds to, for safe purchasing and bill payments. The card also helps the user get quick access to loans to help with the paying of bills or making online purchases.
Finova CEO Gregory Keough said, “We’re very excited to be working with the Polymath team and using the ST-20 protocol to show how growth stage companies can forge a new alternative pathway for raising capital and future liquidity on a licensed ATS exchange through the creation of security tokens.”
Last year, the company raised $102.5m in a round made of both equity and credit. CoVenture led the investment alongside a number of previous investors that supported Finova’s $52m seed round in 2016.
Polymath is a decentralised platform designed to simplify the creation of security tokens. The Polymath ST-20 standard integrates regulatory requirements within the tokens to ensure trading is only permitted by authorised participants.
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