finov has announced the successful rollout of a new servicing uplift for Redwood, the specialist business bank. This marks the first milestone in a renewed contract and technology roadmap between the two organisations.
The uplift is a key step in Redwood’s long-term technology transformation strategy, enabling greater agility across its servicing operations. Redwood has consistently embraced a cloud-first approach, with its systems now fully hosted in finova’s Azure-based cloud infrastructure— benefiting from enhanced scalability, security, and operational resilience.
This upgrade focuses on Redwood’s back-end servicing capabilities and lays the foundation for future front-end enhancements, including the adoption of finova’s Apprivo solution. It also positions Redwood to launch a new broker origination journey in the commercial real estate sector, designed to improve the broker experience and create opportunities to grow lending volumes.
By adopting finova’s iterative release model, Redwood is moving away from large, disruptive annual upgrades and shifting to smaller, more frequent releases to improve efficiency and reduce operational disruption.
The move enables Redwood to adopt the latest servicing functionality without relying on a large internal project. This includes advancements such as in-day general ledger (GL) processing, live data streams to client data lakes and warehouses, faster overnight processing, and containerisation technologies to support autoscaling.
Richard Marsh, Chief Operating Officer, at finova said:
“After years of collaboration, we’re excited to continue our partnership with Redwood, a company that consistently embraces innovation, and we’re pleased to have renewed our contracts for the next phase. With this latest servicing uplift, we’re further modernising Redwood’s systems and building in greater agility. By establishing an iterative release cycle, our hope is that the upgrade will deliver maximum business benefits with minimal disruption, enabling them to adopt Apprivo and open up new business lines.”
David Kennedy, Chief Operating Officer, at Redwood Bank, added:
“We are delighted to continue our relationship with finova as our lead technology provider. We’re transforming our service experience utilising new solutions from finova that will deliver service benefits to our customers and brokers. The recent servicing upgrade facilitates our transformation strategy and allows us to make service improvements incrementally minimising disruption for our customers and managing the risk of change down for our ourselves.”
