Cloud-based mortgage and savings software provider finova has strengthened its senior leadership team following a merger backed by buyout fund Bain Capital Tech Opportunities.
BCTO has acquired both London-based finova and Australia-based Iress’ UK mortgage sales and originations business to combine them into a single entity.
finova claims to support more than 60 leading lenders, 3,500 mortgage brokers and 200 financial institutions via its core banking platform, broker platform and finova Connect, a range of solutions that connect lenders, intermediaries and consumers.
Executive chairman Paraag Davé. who joined the firm from previous finova backer Norland Capital, will take on the role of CEO at the firm. Davé was key to the exit from finova for Norland Capital, where he serves as partner.
finova has also announced the promotion of Rowan Clayton to CPO.
Clayton has been with finova for over 14 years and has helped to develop its product function and drive innovation.
As a combined group, finova now facilitates nearly 20% of UK mortgages, processing more than £50 billion of originations each year.
“This is a transformative moment for finova as we continue to innovate and deliver exceptional technology solutions for the mortgage and savings markets,” said Davé.
“Having been deeply involved in the business for years, I’m honored to take on the CEO role at such an exciting time. With the support of Bain Capital Tech, we’re perfectly positioned to help lenders, building societies, and brokers meet the evolving challenges of the financial industry.”
Clayton added: “finova has always been at the forefront of innovation in the mortgage market, and I’m proud to continue driving that legacy in my new role.
“Now that the market is starting to stabilise after a couple of challenging, volatile years, my focus will remain on developing cutting-edge products, working with evolving technology partners so we can empower our lenders and savings providers to adapt and thrive.”