Banking solution developer finova has acquired BEP, a cloud-based mortgage and savings software developer.
This announcement also marks the formal launch of the finova brand, which has been built by Norland Capital over the past four years through a series of acquisitions.
The company offers a selection of cloud-based software, including core banking solutions, which are used by more than 60 financial institutions in the mortgage and savings sector.
Another one of its key offerings is the Mortgage BrokerPlatform, which is currently used by over 3,000 mortgage brokers to run their businesses. Finally, the finova connect service is used by 200 financial institutions for payments and verification solutions.
Norland Capital managing partner Paraag Davé explained that the mortgage, equity release and savings market is going through big changes as they keep up with the new demands of customers. As a result, financial institutions are eager to modernise their operations and use cloud-based software that is cost-effective and quick to launch. These tools also need to adapt to the new market and easily launch new products.
He said, “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.”
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