Finova, the UK cloud-based mortgage, savings and lending software provider, has acquired Cubit Labs, an AI technology company focused on transforming intermediary workflows and compliance.
The deal brings Cubit Labs’ founders and team into Finova as the business looks to accelerate its long-term strategy to reshape how lenders, brokers and customers interact across the lending journey.
Finova said the UK mortgage market remains predominantly intermediary-led, but many brokers and lenders continue to rely on fragmented processes, duplicated data entry and manual administration.
The company believes the future of lending will be defined by intelligent automation, richer data and a more connected experience designed to reduce friction across the process.
By integrating Cubit Labs into the group, Finova said it is taking another step towards building a more connected and intelligent lending ecosystem.
Cubit Labs has developed a range of AI-native tools designed to support mortgage advisers, automate manual processes and improve the flow of information between brokers and lenders.
Gareth Richardson (pictured), chief executive officer 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.”
Max Hayden, co-founder of Cubit Labs, said: “From our earliest conversations, it was clear that Finova shared our view of where the market is heading.
“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.”
The acquisition forms part of Finova’s broader strategy to build a unified platform connecting every stage of the lending lifecycle, combining origination, decisioning, servicing, data and AI-driven automation into a single ecosystem.