Cloud-based mortgage and savings software provider Finova has named Paraag Davé as its chief executive amid other changes to its senior leadership team.
Davé has been the executive chairperson of Finova and invested in the business while in the role of UK managing partner at Norland, where he worked for over eight years. He oversaw the exit of Norland, which sold its shareholding to Bain Capital Tech Opportunities earlier this year.
This transaction also saw Finova merge with MSO into a single entity.
Finova has also promoted Rowan Clayton to chief product officer; Clayton has worked for the company for 14 years, joining as a senior consultant and working his way up to product director.
He has played a part in developing the company’s product function and innovation. In his new role, Clayton will advance Finova’s technology and ensure it serves the needs of lenders and savings providers.
As a combined group, Finova now facilitates nearly a fifth of UK mortgages, processing more than £50bn of originations each year. This has been aided by its unification with MSO and investment from Bain Capital, which has strengthened its ability to address challenges in the sector.
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Davé said: “This is a transformative moment for Finova as we continue to innovate and deliver exceptional technology solutions for the mortgage and savings markets. Having been deeply involved in the business for years, I’m honoured to take on the CEO role at such an exciting time. Our focus is on driving sustainable growth, fostering innovation, and building on the strong foundations we’ve established. With the support of Bain Capital Tech, we’re perfectly positioned to help lenders, building societies, and brokers meet the evolving challenges of the financial industry.
“The promotion of Rowan reflects our commitment to fostering and retaining top talent within our organisation. With ambitious growth plans for the year ahead, a strong senior leadership team will be key to driving innovation and delivering value for lenders and borrowers alike. I’m confident in their ability to make a significant impact as we embark on this exciting next chapter for Finova.”
Clayton added: “Finova has always been at the forefront of innovation in the mortgage market, and I’m proud to continue driving that legacy in my new role. Now that the market is starting to stabilise after a couple of challenging, volatile years, my focus will remain on developing cutting-edge products, working with evolving technology partners so we can empower our lenders and savings providers to adapt and thrive.
“With our talented team and the added expertise of MSO, we’re in an excellent position to lead the charge in transforming the mortgage journey.”
