NAVA FINANCE LIMITED IMPLEMENTS SPHONIC’S RISK MANAGEMENT SOFTWARE AS IT PREPARES FOR THE LAUNCH OF ITS PLATFORM

London, Thursday 26th January 2017: Nava Finance Limited, which is set to launch a new consumer lending platform in early 2017, has today announced an agreement with risk management company, Sphonic.
Launched in 2011, Sphonic provides an innovative digital risk and compliance platform and specialist consulting services to financial institutions across Europe.
Drawing on data from the largest set of sources of any vendor in the market, Sphonic is able to develop a detailed ‘digital picture’ of a consumer, business or transaction and use this information to effectively identify cases of fraud and to minimise risk.
As an online lending platform, Nava Finance Limited will benefit from integration of Sphonic’s core product, Workflow Manager (WFM), which provides a range of services including Anti Money Laundering (AML), fraud prevention and risk management.
Since its inception, Nava Finance Limited has taken a sophisticated approach to data and will apply intensive credit analytics to tailor more attractive loans to an underserved mainstream customer market. Sphonic’s support will offer greater protection to Nava Finance Limited and its customers throughout this process and ensure it has the necessary security and fraud prevention measures in place to safeguard its operation.
Joe Dlutowski, co-founder and CEO of Nava Finance Limited, said: “The use of big data is an essential part of our business and we recognise its importance in tackling the threats posed through digital channels. Sphonic’s expertise in supporting companies to prevent fraud and manage risk, while protecting the customer experience, will be invaluable.”
Riten Gohil, CEO of Sphonic, said: “As an early stage, high-growth business operating in an increasingly complex digital age it is critical that Nava Finance Limited is able to effectively safeguard against the threat of fraud. Risk management is among the most important considerations for any lender and we are delighted that Nava Finance Limited has chosen us to support them as they seek to create a unique offering for mainstream borrowers in the UK.”
ENDS
About Nava Finance Limited
Nava Finance Limited is a next generation consumer lending platform built on deep analytics which is used for credit and other underwriting processes. Nava Finance Limited sources loan funding from institutional investors and manages the process of sourcing and underwriting borrowers.
The company’s credit expertise means that it is able to offer responsible lending to a broad range of borrowers, including those that may score well on affordability but have less than perfect credit histories. By offering only one product Nava Finance Limited customers are not cross-sold, up-sold or mis-sold any additional financial products or services.
Contact the Press Office
All enquiries from the media should be directed to Nava Finance Limited’s Press Office: nava@mrm-london.com