finova acquires BEP Systems and establishes itself as the leading software provider for the mortgage, lending, and savings sectors.
finova has been formed by Norland Capital who have built this business following a series of acquisitions
finova acquires BEP, provider of the market leading 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 who have built this business following a series of acquisitions over the last four years. The company offers a suite of modern, cloud-based software, including Core Banking solutions trusted by over 60 financial institutions in the mortgage and savings sector, a Mortgage Broker Platform used by over 3,000 mortgage brokers to run their business, and a suite of industry connectivity solutions, finova connect, used by over 200 financial institutions for payments and verification solutions. Visit www.finova.tech for more info.
Paraag Davé, UK Managing Partner of Norland Capital explains:
“The mortgage, equity release and savings market is going through a generational shift as consumers and mortgages 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 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.”
With the launch of finova, a new Executive Team has been assembled to drive forward the ambitious growth plans. Jim Sadler, the new Managing Director of finova adds:
“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 Platform is rapidly shifting to the cloud and demanding modern open architecture solutions which help them 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 to speeding 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 acquisitions of DPR, ekeeper, SDM and Burrow and coincides with the acquisition of BEP.
Chris Little, founder of BEP Systems, explained the origins of BEP and rationale for becoming part of finova:
“When we started BEP a few years ago, we wanted to develop the best origination software to banks and building societies. One that provided easy and low-cost self-configuration and supported rapid API integrations into 3rd party systems given how complex the ecosystem is becoming."