Mortgage platform Finova has reportedly acquired its competitor, BEP Systems, in order to expand its presence in the United Kingdom.
Finova’s Cloud-powered software is being used by more than 60 lenders and around 3,000 brokers, meanwhile, BEP, which launched back in 2014, focuses mainly on mortgages, loans and deposits for financial service providers on its platform.
Private equity company Norland Capital is behind Finova, and has made several strategic acquisitions in this sector during the past few years. The amount paid for the BEP Systems acquisition has not been shared publicly.
Finova also officially introduces its brand at the time of this acquisition.
Norland Capital UK MD Paraag Davé stated:
“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.”
“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.”
Paraag further noted that the acquisition of BEP is a major step in “building the foundation and so now felt like the right time to launch Finova.”
Finova MD Jim Sadler remarked:
“Behind our technology, the beating heart of the business is a team of over 350 colleagues, who are the most knowledgeable small and medium-sized enterprises in the market today, focussed solely on the mortgage, equity release and savings sector.”
BEP Systems founder and MD Chris Little said:
“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 application programming interface integrations as the ecosystem is becoming increasingly complex.”
“Since launching, the demand has been exponential. Having spent time with Norland Capital and the new Finova executive 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.”