Five-Star for Nucleus Software’s lending solution in the cloud
India-based Five-Star Business Finance is modernising its lending operations with a new platform, FinnOne Neo, provided by local specialist vendor Nucleus Software. The solution will be delivered in the cloud.
Five-Star is a non-banking finance company, and provides small business and small housing loans to “underbanked customers”. It chose FinnOne Neo to “help scale [its] business much faster”.
Srikanth Gopalakrishnan, chief financial and information officer at Five-Star, says the vendor’s “global expertise of working with a wide range of financial institutions will help us create a solid environment to drive our growth plan”.
Five-Star offers small business loans to develop existing businesses predominantly in the services sector; small housing loans towards building or purchasing a new house, and repairing or renovating existing house properties; and property loans to “meet any kind of consumption needs viz. marriage/education/personal needs”. It was incorporated in 1984 and is headquartered in Chennai. It has branches in Tamil Nadu, Andhra Pradesh, Telengana and Karnataka.
Centre of attention
There have been other developments in Nucleus’ world.
Its consolidated revenue moved up for the second quarter of FY 2017 – standing at IND 956 million ($14.8 million) compared to IND 847 million ($12.6 million) in Q2 of the previous year.
India-based Shubham Housing Development Finance Company implemented FinnOne Neo. Nucleus says Shubham was among the first organisations in India to replace document-based underwriting with a customised credit programme for each customer.
Away from India, Nucleus released its mobile loan self-sourcing solution, mApply, for the Australian market.