Finovance Technologies, Inc., a New Leading AI and ML Based Non-Bank Fintech Capital and Payments Provider to SMB Businesses, Announces the Closing of Initial Funding

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Finovance Technologies, Inc., a New Leading AI and ML Based Non-Bank Fintech Capital and Payments Provider to SMB Businesses, Announces the Closing of Initial Funding

May 19
10:21 2023
Finovance Technologies, Inc., a New Leading AI and ML Based Non-Bank Fintech Capital and Payments Provider to SMB Businesses, Announces the Closing of Initial Funding
Finovance is transforming access to on-demand growth capital, a new vital source of financing after the recent collapse of Silicon Valley Bank, Signature Bank and First Republic Bank due to failure to embrace modernization. . If our advance release of Finovance AI and ML solution is any sign of this unmet demand, entrepreneurs and small business owners alike know something special has been built at Finovance.

SAN FRANCISCO, CA, and London UK – May 19th, 2023 – Finovance, a leading artificial intelligence “AI” and machine learning “ML” revenue-based financing “RBF” and payments fintech capital provider to small and medium-sized businesses (SMBs), raised an undisclosed amount in initial seed funding. Backers included Capital Management LLC, Florida Angel Investors LLC, and individual investors. Finovance will use the funds to expand operations and add additional financing offerings to empower SMBs to better manage their working capital needs as well as visualize their own financial data.

Finovance has spent over two years developing its innovative and proprietary technology stack and recently emerged from stealth mode to debut www.Finovance.com. Finovance is positioned as an alternative financing solution to traditional banks, private equity, and/or venture capital financing. By providing SMB businesses with non-dilutive, revenue-based financing for working capital or growth financing based on the company’s future revenue generation with clear pricing and terms and conditions, Finovance has materially simplified the process with a highly automated experience, ensuring rapid underwriting and access to capital.

Finovance’s mission is to empower SMBs and SAAS companies to propel their business forward by converting their future revenues into upfront capital today, at the click of a button. 

The process is simple, no equity dilution, no personal guarantees, and no compounding interest, with capital repayment based on future revenues. Unlike legacy banks or more traditional sources of funding, Finovance’s fast, data-driven AI and ML models allow businesses to access funds within hours or days. 

Finovance state-of-the-art, decision algorithms, allow business owners to raise capital when they need it on a “just-in-time” basis between $50k and $5.0 million, at low monthly flat fees. Businesses can select their repayment periods ranging from 3 months to 60 months, subject to business profile. Terms and conditions are all written in plain language, ensuring transparency and fairness.  

“We have created a really powerful AI-based platform, offering an efficient banking alternative experience. We want to go beyond existing fintech’s or bank offerings today, and introduce a nearly 100% automated AI-based onboarding process of securing growth and working capital financing for growing companies,” said co-CEO Craig Schmeizer, who with co founders Gavin Conway and Manuel Henriquez was inspired to start Finovance after encountering a challenging path to securing growth capital for a prior e-commerce startup which grew from $0 revenues to approximately $700 million in four years. “There is no reason SMBs need to be subjected to a long tedious, manual, stressful, and frustrating loan request process that can take 45-120 days. We do not want any SMB to have to experience that ever again,” added Schmeizer. 

“SMBs and innovative high growth SAAS companies are adopting innovative technologies, innovating, and evolving faster more rapidly than ever before, but their legacy banks are not keeping up and still take months for credit approvals in nearly all paper-based processes. We launched Finovance, to help transform how SMBs are able to access capital with quicker innovative decisioning and funding process. Legacy banks do not really understand the needs of SMBs or entrepreneurs, and their dated infrastructure is not up to the standards needed to help their business grow. It is not surprising that in our research, an overwhelming majority of business owners say they are frustrated with their existing bank’s processes and offerings,” Manuel Henriquez, co-founder of Finovance, added.

The Company has offices in New York, London, San Francisco, Dubai, and Orlando.

About Finovance  

Finovance, founded in 2020, with offices in New York, London, San Francisco, Dubai, and Orlando. Finovance is pioneering the use of human-assisted artificial intelligence “AI” and machine learning “ML” technologies with its proprietary technology and suite of integrated APIs technology, Finovance enables businesses to instantly secure funding with initial pre-approvals nearly in real-time allowing entrepreneurs access to capital in a fast and efficient way.  Companies that work with Finovance are able to secure funding that is fast, flexible, and non-dilutive. 

Coming soon –  Finovance Payments, and Finovance Treasury, empowering small and medium-sized businesses (SMBs) and the next generation of SAAS businesses with integrated corporate cards, spend-management software, visualization solutions, and FDIC-insured accounts in excess of current limits of $250,000, to better manage their businesses. Finovance is a financial technology company, not a bank. To find out more, visit: www.Finovance.com

Note: Pre-approved financing is subject qualifying data received; to final verification of received data and satisfactory terms and conditions. 

Media Contact
Company Name: Finovance
Contact Person: Shawn Carrano
Email: Send Email
Country: United States
Website: http://www.Finovance.com