Nava Finance Limited has appointed financial services outsourcing specialists, Target Group to service its loan platform.
Nava secured approval from the Financial Conduct Authority (FCA) in January and has chosen Target Group to provide all loan servicing support when its platform launches to UK borrowers in early Q2.
Target provides comprehensive loan, investment and savings administration services to a range of blue chip financial services organisations which include Goldman Sachs, Credit Suisse, Yorkshire Building Society and Shawbrook Bank. It has extensive experience in servicing consumer and commercial lenders, supporting the entire customer and account lifecycle from origination to account servicing and arrears management.
Ian Larkin, Co-Group CEO at Target Group said: “As a new entrant to the consumer credit market the team at Nava Finance recognise the strategic advantage provided by outsourcing loan servicing. Our expert team will take care of all loan administration thus enabling Nava to focus its attention on growing the business in its crucial early stages, while ensuring the smooth operational running of the platform day to day.”
Richard Lee, Co-Founder and COO at Nava Finance, said: “We are focused on providing the very best service to our customers and this means ensuring the end-to-end user experience runs as seamlessly as possible. We sought a partner with expertise and experience in this space and also excellent processes to support the regulated environment we operate in. We are delighted to have Target Group as a key service partner to help support our business.”
Nava Finance Limited is a next generation consumer lending platform built on deep analytics which is used for credit and other underwriting processes. Nava sources loan funding from institutional investors and manages the process of sourcing and underwriting borrowers.
Nava’s credit expertise means that it is able to offer responsible lending to a broad range of borrowers, including those that may score well on affordability but have less than perfect credit histories. With Nava’s single product focus, its customers are not cross-sold, up-sold or mis-sold any additional financial products or services. Nava Finance Limited is authorised and regulated by the Financial Conduct Authority under firm reference number 734925.