Company Fignum recruits ex-Finova executive with aim to accelerate expansion
New Hire Strengthens Fignum's Position in Lending Technology Market
Fignum, a lending technology platform specializing in speeding up lending decisions, document processing, and payments management, has announced a significant expansion with the appointment of Steve Carruthers as its growth director.
Carruthers brings a wealth of experience to Fignum, having previously served as head of mortgage distribution at Newcastle Building Society and head of intermediary sales at Aldermore Bank. His most recent role was as business development director for mortgages at Finova, a competitor in the lending technology industry.
Fignum was founded in 2019 as a spin-off from the Bluestone Group. The platform provides loan origination and servicing for mortgages, motor finance, and unsecured lending. It aims to grow its client base, release new features for its origination software, and launch a new adapt servicing platform.
Carruthers' deep relationships across the mortgage sector and understanding of both legacy challenges and modern solutions make him ideally suited to drive Fignum's next phase of growth, according to Andrew Lloyd, Fignum's chief executive.
Finova, a significant competitor, is directly identifiable in the lending technology market. Other competitors would include various mortgage tech platforms and direct lending technology providers serving the same mortgage, motor finance, and unsecured lending markets.
Thoma Bravo, the private equity firm that acquired Loans Warehouse in 2020, has also made moves to strengthen its position in the industry. Recently, it hired two Morgan Stanley private credit MDs. Loans Warehouse has added Fignum to its lender panel, further expanding its offerings.
Fignum's commitment, as stated by Andrew Lloyd, is to be a trusted technology partner to existing and new clients while delivering outstanding modern platforms. With the addition of Steve Carruthers and its expansion plans, Fignum is poised to make a significant impact in the lending technology market.
[1] Finova [3] Mortgage Technology Landscape Report 2020 [4] The State of Mortgage Technology 2020 [5] The Rise of AI in Lending and the Future of Private Credit
- Fignum's strategic expansion and the addition of Steve Carruthers, a seasoned expert with experience in both traditional and innovative mortgage solutions, underscores their commitment to making a significant impact in the competitive landscape of finance and technology-driven business models.
- In the context of the evolving mortgage technology industry, the appointment of Carruthers and Fignum's growth plans align with industry trends such as the Rise of AI in Lending, as reported in The Rise of AI in Lending and the Future of Private Credit, further cementing their position among key players like Finova and others mentioned in the Mortgage Technology Landscape Report 2020 and The State of Mortgage Technology 2020.
