Finova said that the future of lending will be defined by intelligent automation, richer data, and a more connected experience that reduces friction for all participants.
Its acquisition of Cubit Labs will enable an intelligence-focused lending ecosystem. It hopes to move brokers and lenders away from legacy administrative systems, which it described as fragmented.
Cubit Labs has developed a range of AI-native capabilities designed to support mortgage advisers, automate manual processes and improve the flow of information between brokers and lenders.
Max Hayden, co-founder of Cubit Labs, said: “Brokers play a fundamental role in the UK lending market, and we believe technology should make their lives easier, not more complicated. Joining Finova gives us the scale, reach and platform to bring that vision to a much larger audience.
“We are excited to become part of the Finova team and help shape the next generation of technology for the intermediary and lending markets.”
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Gareth Richardson (pictured), CEO of Finova, said: “Technology has transformed how customers access financial services, yet much of the lending process still relies on manual workflows, duplicated effort and disconnected systems.
“The next phase of innovation is about making the process itself smarter, faster and more efficient.
“At Finova, our ambition is to fundamentally improve how lending works for lenders, brokers and customers alike.
“Brokers play a critical role in the UK lending market, and we believe technology should help them spend more time advising customers and less time navigating administration. Cubit Labs brings exceptional talent, deep domain expertise and a shared belief in the role AI can play in removing friction from the lending journey.
“Together, we are building a more connected, intelligent and efficient lending ecosystem.”
