Company also announces new chief product officer
finova, a cloud-based mortgage and savings software provider, has announced key changes to its senior leadership team as it continues its expansion in the mortgage technology sector.
Paraag Davé (pictured), who has served as executive chairman for seven years, has been appointed chief executive officer of the finova group. During his tenure, Davé played a pivotal role in leading a successful exit for private equity firm Norland Capital, securing investment from Bain Capital Tech Opportunities, and overseeing the merger of finova with Mortgage Software Origination (MSO).
The company also confirmed the promotion of Rowan Clayton to chief product officer. Clayton, a 14-year veteran of finova, has been central to its product development and innovation. In his new role, he will focus on advancing the firm’s technology offerings to support lenders and savings providers.
The leadership changes come as finova continues to expand its market presence, serving over 60 banks, building societies, and specialist lenders. The company now processes nearly one in five UK mortgages, handling over £50 billion in annual mortgage originations.
“This is a transformative moment for finova as we continue to innovate and deliver exceptional technology solutions for the mortgage and savings markets,” Davé said. “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.”
Clayton, now chief product officer, said his focus will remain on developing cutting-edge solutions to empower lenders and savings providers.
“finova has always been at the forefront of innovation in the mortgage market,” he said. “Now that the market is starting to stabilise after a couple of challenging, volatile years, we are well-positioned to help our clients adapt and thrive with the added expertise of MSO and our talented team.”
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