UK business asset finance provider rebranded as Novuna who claim ‘this is great news for those in franchising.’
Hitachi Capital Franchise Finance will now be known as Novuna Business Finance, following a merger involving its parent company in 2021. Novuna Business Finance is the fifth largest asset finance provider in the UK with a portfolio of over £1.5bn.
The company was officially launched earlier this year, after the merger of Hitachi Capital Corporation with Mitsubishi UFJ Lease and Finance Company Limited. This global corporate giant will now be called Mitsubishi HC Capital UK PLC. The launch of the Novuna brand, which means ‘new together’, coincides with the company’s decision to increase its funding for digital innovation.
Speaking at Novuna‘s launch, managing director Geoff Maleham said: “This rebranding is a significant milestone in the growth and development of our business. It has provided us with a unique opportunity to create a bolder, fresher image and paves the way to boost our support for SMEs, franchisors and franchisees.
“We are committed to providing outstanding service, while building on the relationships we’ve already established within our network of franchising customers. We will provide instant funding decisions for brokers and vendors, which includes our franchising team. We can also leverage the funding capability of our new multi-national parent company and our enhanced digitally-led application processes ensure better credit decisions for brokers and vendors.
“And all of this is spearheaded by the launch of a new Alfa operating system, which is the world’s leading asset finance software. This will deliver operational efficiencies and transform customer experiences.”
The backing of Mitsubishi HC Capital will allow Novuna to build on its already strong foundations. Each of the other business divisions of Mitsubishi HC Capital will also operate under the Novuna trading style. These include Novuna Vehicle Solutions, Novuna Consumer Finance and Novuna Business Cash Flow.
Brian Flesk, head of retail at the former Hitachi Capital Consumer Finance, said: “Novuna is derived from the Latin words ‘Novo’ – ‘to make new’ – and Una, which means ‘together’. This captures the essence of our business and how we work in partnership to create innovative solutions.
“The rebrand was a significant move for our company and marks the start of an exciting new era as we accelerate our growth plans under our new parent company. It also aligns perfectly with our digital transformation programme which is driving efficiencies across our retail and personal loans channels. But we’re still the same company, with the same people behind the new brand.
“The relationship management team, along with products, services and systems, will remain the same and customers can still reach us through the normal channels. It’s very much business as usual as we move forward together and we’ll be in a far stronger position to help you grow your business.”
A press release issued by Novuna Business Finance makes clear there is “a wealth of new features for users. These include partial save, multiple asset line entry and full mobile optimisation. These features are linked to new auto underwriting and tolerance rules that will lead to more informed and faster funding decisions.”
About: Novuna is a leading financial services company authorised and regulated by the Financial Conduct Authority (FCA). They employ over 1,600 people and have 1.3m customers across five business divisions (Novuna Consumer Finance, Novuna Vehicle Solutions, Novuna Business Finance, Novuna Business Cash Flow and European). For over 40 years they were known as Hitachi Capital (UK) PLC, while working with SMEs and corporate multi-nationals alike. They have net earning assets totalling £6.3bn. Parent company Mitsubishi HC Capital has over £60bn of assets.
About: Novuna Business Finance provides business asset finance to SMEs and big corporations across the UK. With an asset portfolio of more than £1.5bn, the business is active across multiple sectors from transport and agriculture to construction and manufacturing.
To find out more about Novuna Business Finance, visit: www.novuna.co.uk or their social media channels LinkedIn, Twitter and Facebook.
