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Lender nears launch after securing FCA authorisation
Nava Finance Limited has been granted authorisation to offer personal loans to UK customers by the Financial Conduct Authority (FCA).
The approval comes as the personal loans lending platform looks to launch towards the end of Q1.
Nava Finance hopes to address a segment of the consumer credit market which is underserved by many traditional lenders and to provide a mature, responsible and transparent source of credit to mainstream borrowers.
The lender was founded by Joe Dlutowski, Richard Lee and Abhai Rajguru and is built on deep analytics, which it uses for credit and other underwriting processes.
Nava sources loan funding from institutional investors and manages the process of sourcing and underwriting borrowers.
Speaking about receiving FCA authorisation, Joe added: “I am delighted to share this news and look forward now to announcing our launch.”
Nava will be holding an event at the end of Q1/start of Q2 to mark its official launch.
The lender will also be releasing a report with Cebr (Centre for Economics and Business Research) in the coming weeks looking at the state of the consumer credit market and how it affects borrowers.
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