The newly launched unsecured online lending platform is now gearing up to start deploying capital and making loans.
Nava Finance will begin offering personal loans to UK consumers after receiving full authorisation from the UK regulator the Financial Conduct Authority (FCA).
The firm, co-founded by Nava are Joe Dlutowski, Richard Lee and Abhai Rajguru is now working towards an initial launch date.
Joe Dlutowski said: “I am delighted to share this news and look forward now to announcing our launch.”
The firm announced its intention to launch a new marketplace lending platform branded ‘Nava’ - aimed at the near-prime consumer credit market - back in November 2016.
Its co-founders say there have identified an opportunity based on the ongoing dominance of traditional high street banks – despite the imposition of unfavourable capital requirements post the 2008 crash – and the relatively limited inroads to date made by alternative lenders, in particular peer to peer lenders.