Cloud-based mortgage and savings provider Finova has acquired Italian AI and digital twin specialist Cubit Labs in an effort to modernise the lending process by improving intermediary workflows and compliance through automation.

Founded in 2007 by the University of Pisa’s Department of Information Engineering, Cubit Labs has developed AI-native tools aimed at supporting mortgage advisers, reducing manual administration and improving information flows across the lending process. The company is estimated to employ around 50 people, primarily comprising researchers and engineers.

According to London-based Finova, one of the UK’s larger fintech software providers, the mortgage market remains heavily intermediary-led, but continues to be constrained by fragmented systems, duplicated data entry and manual administration.

The acquisition is intended to increase automation and improve how information flows between brokers and lenders, creating a more connected, data-driven lending ecosystem.

"Technology has transformed how customers access financial services, yet much of the lending process still relies on manual workflows, duplicated effort and disconnected systems," said Gareth Richardson, CEO of Finova.

"Brokers play a critical role in the UK lending market, and we believe technology should help them spend more time advising customers and less time navigating administration. Cubit Labs brings exceptional talent, deep domain expertise and a shared belief in the role AI can play in removing friction from the lending journey.

Max Hayden, co-founder of Cubit Labs, added: "Joining Finova, gives us the scale, reach and platform to bring that vision to a much larger audience. We are excited to become part of the Finova team and help shape the next generation of technology for the intermediary and lending markets."

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