The companies first started working together in 2016, with Finova delivering a series of successful pilot projects with its lending platform.
Off the back of this, Aldermore has chosen to extend this relationship to cover origination and servicing, which will cover specialist buy-to-let (BTL), commercial real estate and residential lending.
The firms said the “expanded five-year partnership” builds on a “shared commitment to cloud-native technology and agile delivery”, and this would “accelerate innovation” while making sure the platform continues to develop in line with Aldermore’s goals.
On mortgage originations, Aldermore will adopt Finova Lending, a software-as-a-service (SaaS) origination platform streamlining time to offer and improving operational efficiency.
Regarding mortgage servicing, Aldermore has successfully upgraded and migrated its servicing solution to Microsoft Azure, which Finova has expertise in.
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Richard Marsh, 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, and I am looking forward to building on the initial success of this relationship over the coming years.”
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. 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.”
