London-based finova has acquired BEP Systems, a provider of cloud-based mortgage and savings software located in Manchester.
Financial details were not disclosed. Finova says it has formally launched its name and branding at the same time as the acquisition.
The company has been formed by Norland Capital following a series of acquisitions over the last four years. Although, according to LinkedIn, finova’s page says it was founded in 1996.
Finova offers a suite 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, explains: “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.”
With that in mind, Norland has created finova – “a single software company”. The acquisition of BEP will help its ambitions in this sector of fintech. The launch of finova follows Norland’s previous acquisitions of DPR, eKeeper, SDM and Burrow.
A new executive team has also been assembled.
Jim Sadler, the new MD of finova, adds: “Core banking is rapidly shifting to the cloud and firms are demanding modern open architecture solutions which help them rapidly adopt new technologies.”
Davé and Sadler are not wrong as last month Chase teamed up with 10x Banking, a London-based cloud-native banking technology firm, to help with its entry into the crowded UK retail banking market.
Based on comments from Chris Little, founder of BEP, it seems the team will join finova. According to LinkedIn, BEP has 28 employees.
BEP was founded in 2010 and owns core IP – Apprivo2 – which forms the basis of various mortgages & lending and banking & asset tracking solutions, and mobile wallet and card offerings.
Apprivo2 is a customisable platform solution for banks, building societies and other lenders. The company says the platform sits alongside an organisation’s existing systems enabling it to connect its system into the Apprivo2 suite of products without breaching any firewalls.
BEP adds that its customers have originated over £5 billion of lending on the platform. Clients include VP Technology and Ipswich Building Society.
Finova’s clients include Metro Bank, Aldermore and the Cambridge Building Society.