Lending tech provider Nostrum acquired by Equiniti
Just a few days after Vantiv and Worldpay made merger and acquisitions headlines in the payments world, here come Equiniti and Nostrum with some M&A news of their own in the lending space, writes Finovate (Banking Technology‘s sister company).
The deal will boost Equiniti’s ability to provide technology-enabled lending solutions, the company says. “The integration of Nostrum will provide greater depth, scale and capability in a dynamic growth market, whilst also providing the platform for a range of new products and services,” says Equiniti CEO Guy Wakeley.
Calling the acquisition “the next chapter in the development of our businesses”, Nostrum CEO Richard Carter describes the combined entity as a blend of “Equiniti’s rich feature set and Nostrum’s agility”. Carter will stay on as MD of the newly-formed Equiniti Credit Services brand.
Nostrum was founded in 2001 and is based Headquartered in Harrogate, UK. It specialises in automated digital loan management software for banks and finance companies. The company’s technology provides solutions for every step of the process from originations (including application capture, processing, documentation, underwriting, and completion), servicing (including payment processing, document management, and reporting), and collections (including profiling and segmentation; payment and arrangements; work prioritization and automation; and third party management).
More than focusing on acquiring new customers, Nostrum also offers tools lenders can use to retain their existing customers, as well. As Carter explained from the Finovate stage in 2016, Nostrum offers lenders the technology “to facilitate the production of appropriate offers that are tailored to those customers and then delivered to them”.
Technology services provider Equiniti was founded in 2009. Many of the largest pension schemes in the UK, and 70% of the FTSE 100, use Equiniti services to manage share registration and related investors services. The company is listed on the London Stock Exchange and has a market capitalisation of £750 million ($972 million).
Last year, Equiniti acquired Risk Factor and KYCnet.