Aldermore has extended its partnership with cloud-based mortgage and savings software provider, Finova.
The specialist lender is a longstanding customer of Finova, having first partnered with the tech provider in 2016.
Following a recent market review process, Finova delivered a series of successful pilot projects with its lending platform, formerly known as Apprivo. Building on this success, Aldermore has chosen to extend the relationship by five years across both origination and servicing – covering areas of its mortgage business that include specialist buy-to-let, commercial real estate, and residential lending.
For mortgage originations, Aldermore will adopt Finova Lending – a Software as a Service (SaaS) platform that helps to streamline the time to offer and improve operational efficiencies. For mortgage servicing, Aldermore is already benefiting from the successful upgrade and migration of its servicing solution to Microsoft Azure. Finova has existing expertise in managing complex Azure workloads, with most of its client base already operating in Azure as a managed service.
“We are delighted to extend the partnership with Aldermore,” chief operating officer at Finova, Richard Marsh, said. “It’s an extensive partnership covering origination for a range of mortgage products, wholly powered by Finova Lending and an upgrade and cloud migration of our servicing solution.
“Together, Finova and Aldermore are building a robust platform to meet Aldermore’s ambitious targets for UK specialist lending, and I am looking forward to building on the initial success of this relationship over the coming years.”
Managing director of property at Aldermore, Ross Dalzell, added: “Finova Lending gives us the best of both worlds – a fully deployed solution with the flexibility to build on top of it, thanks to the platform’s composable architecture. It’s the right fit for our strategy, and we’re excited to go live with buy-to-let as the first step in this journey.”
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