- Novuna Business Finance launches today as the fifth largest asset finance provider in the UK with an asset portfolio of over £1.5bn
- The rebrand under the new trading style of NOVUNA takes place at the same time the company moves from Hitachi Capital (UK) PLC to Mitsubishi HC Capital UK PLC, following the merger last year of its parent company, making it part of Mitsubishi HC Capital Inc., one of the world’s largest and most diversified groups
- Investment in technology digitises customer application processes and delivers operational efficiencies for brokers and vendors
14 February 2022: Novuna Business Finance officially launches today, completing the rebrand from Hitachi Capital Business Finance which was announced towards the end of last year.
The launch of the Novuna brand, which means ‘new together’, coincides with the introduction of significant digital innovation providing instant funding decisions for brokers and vendors. This is spearheaded by the launch of a new Alfa operating system, the world’s leading asset finance software delivering operational efficiencies and transforming customer experiences.
Novuna Business Finance, the fifth largest asset finance provider in the UK with an asset portfolio of over £1.5bn, is also responding to evolving customer expectations with a wholesale upgrade of existing front end Mercury application system, providing a wealth of new features for users, including partial save, multiple asset line entry and full mobile optimisation. These features are linked to new auto underwriting and tolerance rules and will allow the business to make more informed and faster funding decisions.
Speaking following the Novuna launch, Geoff Maleham, Managing Director, Novuna Business Finance said:
“The launch of our new brand 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 paved the way to boost our support to SMEs as they emerge from almost two years of significant upheaval to their operations.
“Through the range of financial products we offer, we are committed to providing outstanding service and building on the relationships we have established with our network of introducers. Our enhanced digitally led application processes ensure better credit decisions for brokers and vendors whilst leveraging the funding capability of our new multi-national parent company.”
The backing of Mitsubishi HC Capital Inc. will allow Novuna to build on these strong foundations with the opportunity to leverage the size, scale and expertise of its new parent company in order to realise the company’s ambitions.
Each of the other business divisions will operate under Mitsubishi HC Capital UK PLC's trading style, including Novuna Vehicle Solutions, Novuna Consumer Finance, and Novuna Business Cash Flow (previously Invoice Finance). The European division has adopted the Mitsubishi HC Capital trading style as part of its collaboration with the parent company, Mitsubishi HC Capital Inc.
Notes to Editors:
Novuna is a trading style of Mitsubishi HC Capital UK PLC, created from the Latin words Novo – New and Una – Together.
Novuna is a trading style of Mitsubishi HC Capital UK PLC, the new name for Hitachi Capital (UK) PLC and a leading financial services company, authorised and regulated by the Financial Conduct Authority (FCA). We have over 1,600 employees, £6.3bn of net earning assets and over 1.3 million customers across five business divisions; Novuna Consumer Finance, Novuna Vehicle Solutions, Novuna Business Finance, Novuna Business Cash Flow and our European division specialising in Vendor Finance. For over 40 years, formerly as Hitachi Capital (UK) PLC, we have worked with consumers and small to medium enterprises (SMEs) as well as corporate multinationals in the UK and mainland Europe, enabling millions of consumers and businesses to achieve their ambitions.
From 1 April 2021 we became a wholly owned subsidiary of Mitsubishi HC Capital Inc., strengthening our relationship with one of the world's largest and most diversified financial groups with over £60bn of assets.
Novuna Business Finance
Novuna Business Finance, the new name for Hitachi Capital Business Finance, provides business asset finance to SMEs and bigger corporations across the UK. This includes hire purchase, finance lease solutions, stocking and block discounting provided through brokers, vendor organisations, manufacturers and direct to the business community.
With an asset portfolio of more than £1.5bn, the business is active across multiple sectors from transport and agriculture to construction and manufacturing and was awarded Best Service from an Asset Based Lender at the 2021 Business Moneyfacts Awards.
The business is also supporting the Group’s multiple sustainable energy projects and purchased a £10m equity share in Gridserve Holdings Ltd, the parent company of Gridserve Sustainable Energy Ltd.
Novuna Business Finance is a trading style of Mitsubishi HC Capital UK PLC, part of Mitsubishi HC Capital Inc., one of the world’s largest and most diversified financial groups, with over £60bn of assets.