Selina Finance, a prominent consumer lending fintech, has forged a strategic partnership with Phoebus Software to leverage its cutting-edge mortgage technology platform, marking the commencement of a comprehensive five-year servicing agreement. As part of this collaboration, Selina Finance aims to streamline its mortgage operations significantly.
The Role of Selina Finance
Selina Finance, headquartered in London, specializes in providing loans that are secured against the borrower's personal assets. Key offerings include homeowner loans and home equity line of credit (HELOC) solutions. These products are designed to help businesses access capital while utilizing the value locked in their properties.
Phoebus Software's Contribution
Phoebus Software is esteemed for its robust mortgage platform catering to the entire life cycle of a loan—from initial inquiry to active loan management and final redemption. The platform allows for a flexible inquiry and application process, optimizing loan information required for underwriting while enhancing back-office efficiency.
A Swift Transition
The collaboration between Selina Finance and Phoebus Software progressed rapidly, with the integration process—from initial discussions to user testing and finalization—completed in just 15 weeks. This swift deployment underscores Phoebus's commitment to providing agile solutions.
Background of Phoebus Software
Founded in 1989, Phoebus Software has a long-standing history of providing mortgages and savings technology to financial institutions across the UK and Ireland. Following a management buyout in 1997 supported by Northedge Capital, Phoebus has expanded its client portfolio to include notable names like Aviva and Atom Bank.
Selina Finance's decision to partner with Phoebus Software coincides with a period of transition for Phoebus, following the announcement of Paul Hunt, the long-serving CEO, stepping down to assume the role of vice-chair of the board. This new partnership positions Selina Finance to harness Phoebus's expertise in enhancing its mortgage servicing capabilities, promising improved efficiency and customer satisfaction.
