Finova has acquired BEP Systems, the provider of cloud-based mortgage and savings software in the UK.
Finova which formally launches its name and branding at the same time as the acquisition, has been formed by Norland Capital following a series of acquisitions over the last four years.
The company offers a range of cloud-based software, including Core Banking solutions used by over 60 financial institutions, a Mortgage Broker Platform used by over 3,000 mortgage brokers, and a suite of industry connectivity solutions, finova Connect, used by over 200 financial institutions for services such as payments and verification solutions.
Paraag Davé, UK managing partner of Norland Capital, said: “Banking technology is going through a generational shift as consumers and mortgage brokers want the same modern cloud-based user experience they are used to in their daily digital lives. Financial institutions are desperate to modernise and increasingly want cloud-based software that is quick and cost-effective to implement, easy to launch new products to market with, and has the architecture to support the changing demands now and into the future.
“To support these seismic shifts, we have created finova: a single software company, dedicated to this market that brings together the best cloud-based technologies with the scale, breadth, and in-depth sector knowledge to support mortgage brokers and financial institutions of any size. The acquisition of BEP is a significant step in building the foundation and so now felt like the right time to launch finova.”
A new executive team has been assembled. Jim Sadler, the new managing director of finova, said: “I’m incredibly excited about the future potential for finova. The building blocks that have been formed over the last few years put us right in the middle of this dynamic market and I’m excited to help our customers deal with these changes. Core Banking is rapidly shifting to the cloud and firms are demanding modern open architecture solutions which help them rapidly adopt new technologies. Our Broker Platform is already the market-leading solution, and looking to the future, finova Connect will reduce friction between borrowers, savers, lenders and brokers and speed up the application processes.
“Behind our technology, the beating heart of the business is a team of over 350 colleagues, who are the most knowledgeable SMEs in the market today, focussed solely on the mortgage, equity release and savings sector. They allow finova to stand head and shoulders above the competition.”
The launch of finova follows previous acquisition of DPR, eKeeper, SDM and Burrow and coincides with the acquisition of BEP.
Chris Little, founder of BEP Systems, added: “When we started BEP a few years ago, we wanted to deliver origination software to banks and building societies that provides easy and low-cost self-configuration, and we wanted to support rapid API integrations as the ecosystem is becoming increasingly complex. We did just that with the Apprivo2 platform.
“Since launching, the demand has been exponential. Having spent time with Norland Capital and the new finova exec team, it was clear we have a shared and ambitious vision and as part of a larger entity we can get the help to scale-up at speed and help this market navigate through the exciting changes ahead of us.”
