- Sharia-compliant bridge finance provider, Offa, selects Finova and its Apprivo loan origination tech for a new digital lending platform.
- Offa, founded in 2019, claims to be the UK’s first bridge finance outfit following Islamic finance principles.
- The aim is to improve the slow, cumbersome, and complicated application processes in Islamic property finance.
- Offa partners with Finova as part of a £1 million IT investment to leverage Finova’s Apprivo software.
- Finova’s technology will enable Offa to offer a smoother and faster application process, utilizing automated valuation models, ID verification, and credit reference agencies.
- The collaboration with Finova is seen as a significant investment in digital technologies to optimize existing offerings.
- Chief Revenue Officer of Finova, Chris Little, considers the venture with Offa an important milestone, marking the first project with a new implementation partner, Hexaware.
- The new origination platform by Offa is expected to be delivered in the first half of 2024.
