finova strengthens senior leadership team with strategic vision for growth

finova, the UK’s largest cloud-based mortgage and savings software provider, today announces key updates to its senior leadership team, marking a new chapter in the company’s ongoing growth journey.

After seven years of investment in the business and serving as Executive Chairman, Paraag Davé is formally taking on the role of Chief Executive Officer (CEO) of the enlarged finova group.

Paraag’s tenure has been instrumental in leading a successful exit for Norland Capital, securing Bain Capital Tech Opportunities’ investment, and uniting finova with MSO into a single entity.

In addition to Paraag’s appointment, finova also announces the promotion of Rowan Clayton to Chief Product Officer (CPO), further strengthening the senior leadership team as the company continues its growth and innovation trajectory.  

Rowan Clayton has been with finova for over 14 years and has played a critical role in developing finova’s product function and driving innovation. In his new role, he will focus on advancing finova’s technology offerings and ensuring its solutions continue to empower lenders and savings providers.

These strategic leadership changes reflect finova’s ongoing commitment to delivering market leading mortgage origination solutions to over 60 banks, building societies, and specialist lenders. As a combined group, finova now supports nearly one in five UK mortgages, processing over £50bn of originations annually. The company’s unification with MSO, supported by Bain Capital Tech’s investment, has bolstered its ability to address the industry’s challenges and provide transformative solutions for its customers.

Paraag Davé, CEO at finova, commented:

"This is a transformative moment for finova as we continue to innovate and deliver exceptional technology solutions for the mortgage and savings markets. Having been deeply involved in the business for years, I’m honored to take on the CEO role at such an exciting time. Our focus is on driving sustainable growth, fostering innovation, and building on the strong foundations we’ve established. With the support of Bain Capital Tech, we’re perfectly positioned to help lenders, building societies, and brokers meet the evolving challenges of the financial industry.

"The promotion of Rowan reflects our commitment to fostering and retaining top talent within our organisation. With ambitious growth plans for the year ahead, a strong senior leadership team will be key to driving innovation and delivering value for lenders and borrowers alike. I’m confident in their ability to make a significant impact as we embark on this exciting next chapter for finova.”

Rowan Clayton, Chief Product Officer at finova, added:

"finova has always been at the forefront of innovation in the mortgage market, and I’m proud to continue driving that legacy in my new role. Now that the market is starting to stabilise after a couple of challenging, volatile years, my focus will remain on developing cutting-edge products, working with evolving technology partners so we can empower our lenders and savings providers to adapt and thrive. With our talented team and the added expertise of MSO, we’re in an excellent position to lead the charge in transforming the mortgage journey."