Nava Finance Limited has secured authorisation from the Financial Conduct Authority (FCA), enabling Nava to begin offering personal loans to UK consumers.

The co-founders of Nava are Joe Dlutowski, Richard Lee and Abhai Rajguru.

Dlutowski was CEO of igroup from 1998 to 2002, when it was sold to GE Capital.

The company says it is now focused on working towards an initial launch date, which will be announced when all testing and other preparations are fully completed.

It claims its lending platform is built on “deep analytics” which is used for credit and other underwriting processes. Nava sources loan funding from institutional investors and manages the process of sourcing and underwriting borrowers.

Nava will look to server a broad range of borrowers, including those that may score well on affordability but have less than perfect credit histories.

Dlutowski said: “I am delighted to share this news and look forward now to announcing our launch.”