Nucleus Software, which provides IT solutions for financial services companies, said its loan management solution has been selected by Finova Capital, a Jaipur-based Non-Banking Financial Company (NBFC) to digitise its lending business.
Founded in 2015, Finova Capital offers business loans to lower income segments in rural and urban areas.
“As a part of their strategic business expansion plan, Finova Capital has, recently announced that it is targeting 500% growth in its loan portfolio this year. To fuel this growth, the company is providing an innovative digital experience to its customers,” it said, without revealing financial details of the deal.
Founded in 2015, Finova Capital is headquartered in Jaipur and provides loan to both urban and rural poor to meet their productive requirements in starting new businesses or for growing an existing businesses.
The company chose Nucleus Software’s FinnOne Neo Cloud to set up a completely automated and paperless loan processing capability, the IT provider said.
The company aims to provide simpler and faster credit decision making as a key differentiator.
“FinnOne Neo Cloud will make Finova’s operations more agile, scalable and cost efficient. The company will be able to reduce their time-to-market and offer customer centric loan services across multiple channels.”
Finova will also implement Nucleus mobile lending solution – mCAS to perform paperless data sourcing, check application statuses, and Submit field investigation responses,
Mr. Mohit Sahney, Founder Director of Finova Capital said FinnOne Neo was “best suited” to the needs of the NBFC segment.
The win comes in the wake of strong growth in the non-banking financial sector in India, with many companies in the sector expanding fast to cater to an underbanked population.
“Innovative financial services Companies are leveraging digital and cloud to expand their credit reach across India and we are happy to partner with them,” said Vishnu R. Dusad, CEO, Nucleus Software
“In the last couple of months, our success with FinnOne Neo cloud in the leading NBFCs in India shows that we are well placed, and have the right experience and technology”.
Nucleus Software makes lending and transaction banking software, and has both Indian and international clients.
It has over 150 customers in 50 countries, supporting retail banking, corporate banking, cash management and internet banking.