New UK fintech Finova launches following BEP Systems acquisition

London-based fintech Finova has launched following its acquisition of mortgage software firm BEP Systems.

BEP will look to scale-up its banking origination software

Finova has been formed by Norland Capital, a tech-focused private equity investment firm, which built the business through a series of acquisitions over the last four years.

The UK fintech is focused on the mortgage, equity release and savings sector and its software suite includes a core banking platform, a mortgage broker platform and a payments and verifications solution.

Paraag Davé, UK managing partner of Norland Capital, says: “The acquisition of BEP is a significant step in building the foundation and so now felt like the right time to launch Finova.”

The launch follows previous acquisitions of core banking software company DPR, mortgage software firm eKeeper, digital broker Burrow and SDM.

Finova managing director Jim Sadler says the “building blocks” of the acquisitions that comprise the company mean it is well placed to cater to evolving cloud-based core banking requirements.

Sadler says: “Firms are demanding modern open architecture solutions which help them rapidly adopt new technologies.”

BEP founder Chris Little says that becoming part of the larger entity of Finova means BEP can scale-up its banking origination software and API integrations.