Finova names Paraag Davé as CEO and Rowan Clayton as new CPO
Finova, a UK-based mortgage and savings software vendor, has appointed a new CEO and chief product officer (CPO).
Finova was acquired by BCTO in August
The appointments come four months after Bain Capital Tech Opportunities (BCTO), the tech investment arm of Bain Capital, completed the acquisitions of Finova and Iress’ UK Mortgage Sales and Originations (MSO) business in August.
Under BCTO’s ownership, the two entities have been merged to become a single combined business.
Paraag Davé, who has served as the Finova’s executive chairman for the past year, has officially been named CEO of the “enlarged Finova group”, the company says, adding that Davé was “instrumental” in the merger.
In addition, Rowan Clayton, who has been with Finova for the past 14 years in roles such as product principal and product director, has been promoted to CPO.
Finova, which recently introduced its new Finova Broker brand for the UK intermediary sector, claims that as a merged group, it supports nearly one in five UK mortgages and handles £50 billion in originations annually.
