Finova has confirmed a five-year extension to its partnership with Aldermore, expanding its role to deliver cloud-based origination and servicing solutions across the lender’s full mortgage range.
Aldermore has worked with Finova since 2016 and, following successful pilot projects using Finova’s lending platform—formerly known as Apprivo—it will now adopt the full Finova Lending solution. The platform will be deployed for buy-to-let, commercial real estate and residential mortgage origination, and supports post-completion services including product switches and further advances.
The bank said its decision followed a market review and reflected the need for a composable and agile system. Finova’s technology allows Aldermore to manage products and pricing internally and respond quickly to market shifts.
Aldermore has also migrated its servicing operations to Microsoft Azure, with support from Finova. The bank joins other Finova clients in using a managed Azure environment with access to containerised infrastructure, live operational data feeds and enhanced cybersecurity through SOC and SIEM services.
Richard Marsh (pictured), chief operating officer at Finova, said: “We are delighted to extend the partnership with Aldermore. 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.”
Ross Dalzell, managing director of property at Aldermore, added: “As a lender, we faced the decision of whether to build in-house or invest in a third-party solution. 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.”
