The growth of the financial industry is rising at a rapid pace. A brand named “Finova Financial’ has established itself as the title lending service for consumers and transforming financial streams, raising more than $100 million to date.
Finova Financial is growing as a trusted online lender enabling people to access affordable loans quickly. The platform is recognized as part of the “Fintech 100 list of the world’s leading financial technology innovators for 2016.” The platform is built by a crew of experts and technology specialists, backed by leading Silicon Valley venture capital firms and Wall Street private equity investors.
Finova Financial aims to transform global banking, thus stepping ahead with the FNVA JOBS Crypto Offering (JCO) by partnering with FrontFundr Canadian investment platform.
Why FNVA tokens?
Finova’s FNVA tokens are unique because these tokens are linked with a share of equity in Finova Financial itself. Also, it utilizes the ERC-20 Ethereum token standard that will be traded on cryptocurrency exchanges that are SEC approved and has the backing of assets of a US corporation. Therefore, the token sale is like a hybrid between an ICO and IPO.
These tokens will soon be available through FrontFundr investment platform. Finova is creating a massive hype across the ICO industry by transforming traditional IPOs. Since the tokens are linked with equity, it allows firms to raise ICO funds in compliance with JOBS Act Regulation A+.
JCO will enable the first ever equity-linked tokens available to investors and businesses. Nick Tommarello, the co-founder of WeFounder, states that JCO creates a new promising path by boosting crowdfunding along with compliance of JOBS Act.
JCO: The working process
Mr. Keough reckons “Half of the people cannot come up with $400 in an emergency,” which is why he built the mobile financial service and other unique financial offerings.
The JOBS Crypto Offerings (JCO) of Finova allow companies to issue securities in exchange for fiat or cryptocurrency in compliance with SEC regulations. JCO tokens represent the ownership of capital stock which will be maintained by or on behalf of the company according to Section 224 of the Delaware General Corporation Law. Further JCO tokens will be listed on an Alternative Trading System which is compliant with Regulation ATS under the Securities Exchange Act of 1934, as amended.
The JOBS Act: It is an acronym as the Jumpstart Our Business Startup Act (JOBS Act) aims at enabling everyday entrepreneurs to connect with keen investors and raise funds by issuing certain securities. The Act help companies raise funds privately and explore public.
Gregory Keough, CEO of Finova, has substantial experience in the world of traditional finance. Keough says, ‘Too many companies ‘sell’ product or solution. Finova’s vision is to truly transform banking services for the un- and under-banked in a way that is driven by social impact, is fairly profitable, and delivers growth and opportunity for the consumer.”
Other members of the team include; Derek Acree as Chief Legal Officer, Robert Conley as Chief Financial Officer, Mary Mulcahy as Vice President of Operations, and Ivan Sokalskyi is Finova’s Chief Technical Officer.
With their experience combined it adds up to 100 years; the Finova team have previously worked in startups and financial services including companies such as MasterCard, Telefonica, and Morgan Stanley.
The Token Sale
The token pre-sale will commence in January 2018 with the public token sale anticipated to begin during February 2018.
The token price structure of the sale is displayed below, where the price will increase over time. A total of $18.5 million worth of tokens will be sold, on a sliding scale between $0.75 and $1.56 as the supply of FNVA increases.
According to Finova’s CEO, Gregory Keough, “FrontFundr in Canada and WeFunder in the U.S are the first of what we hope will be many crowdfunding partnerships across the world.” Keough aims at creating a global JCO platform which becomes an ultimate way for companies to raise more funds and for investors to indulge in crypto markets.
FrontFunder is a Canadian-based firm, established in 2015 and backing up the collaboration between the communities of angel investor and online investing sectors. With FrontFunder, private companies have open ways for the public to invest.
For more information about JCO, visit their website here.
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