Finova’s cloud-based software is used by over 60 lenders and 3,000 brokers, while BEP, launched in 2014, specialises in mortgages, loans and deposits for financial service firms on its platform.
Private equity firm Norland Capital is behind Finova, and has made a series of acquisitions in this area over the last four years. The amount paid for BEP was undisclosed.
Finova also formally launches its brand at the same time as this acquisition.
Norland Capital UK managing partner Paraag Davé says: “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.
“The acquisition of BEP is a significant step in building the foundation and so now felt like the right time to launch Finova.”
Finova managing director Jim Sadler adds: “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 managing director Chris Little says: “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.”
